The National Assembly's Public Administration and Security Committee, led by the ruling Democratic Party(DP), passed a bill to abolish the prosecutor's office and restructure economy-related ministries and governmental agencies. 

The main opposition People Power Party(PPP) walked out ahead of the standing committee's vote in protest.

The revision to the Government Organization Act aims to dismantle South Korea's central prosecutorial body and separate its authority over investigation and indictment across two new agencies.

The Ministry of Economy and Finance is set to be renamed the Ministry of Finance and Economy, reverting to the title it had before February 2008, and budgetary duties will transfer to a new planning and budget ministry under the Prime Minister's Office.

The Financial Services Commission will be reorganized to execute supervisory functions, and its domestic financial duties will move to the finance ministry.

The bill also mandates the establishment of a new ministry in charge of climate change, energy and the environment; replacement of the Korea Communications Commission(KCC) with a new committee; renaming and restructuring of the gender equality ministry; and reinstatement of the post of deputy prime minister of science and technology.

The bill will undergo Legislation and Judiciary Committee review followed by a plenary session vote on Thursday.