The government and the ruling camp are gearing up to address the issue of "excessive profits” in the banking sector.

Ruling People Power Party(PPP) floor leader Yun Jae-ok said during a party floor strategy meeting on Friday that in tackling the issue, the government and the party will devise appropriate steps that correspond to the principles of a market economy.

The floor leader said the party’s chief policymaker will soon hold a meeting with related government agencies.

Yun’s remarks come as President Yoon Suk Yeol said early this month that banks actively engage in “gapjil,” or the abuse of power by someone in a superior position against weaker people or entities, through their monopolistic dominance.

The president then stressed the need to strongly counter the banking sector’s monopoly.

Also on Friday, the floor leader made clear the party’s opposition to a revised bill drawn up by the main opposition Democratic Party introducing windfall taxes on profits reaped by banks as well as securities and life insurance companies.

The ranking PPP lawmaker referred to the revision as a “populism bill” targeting next year’s general elections.