Veteran politician Rep. Lee Jae-oh laid out his vision for drastic political reform Thursday, declaring his intent to join the ruling Saenuri Party’s presidential primary.

“I will (risk becoming) a poor president for the sake of bringing happiness to the people,” Lee said as some 200 supporters cheered and clapped at an outdoor press conference at the National Assembly.

The political maestro better known as the “kingmaker” vowed to introduce a two-term four-year presidency within six months of entering office to replace the current single-term five-year system. He also offered to cut the next presidency to three years to finish in 2016 so the presidential term would correspond with the four-year parliamentary term.

The debate over the Constitutional change to replace the current presidential system often resurfaces at election time.

Lee has pushed to adopt the U.S.-style presidential system since his term as the minister for special affairs between 2010 and 2011. He also contended that in order to break the cycle of authority leading to corruption, the president must share power with the cabinet.

“Although we have managed to establish democracy in terms of procedure and format, the structural restriction of a five-year single-term presidency has led to immature democracy in terms of content and practicality,” Lee said.

Lee, who will enter his fifth term at the incoming National Assembly, is considered to be among the most senior members supportive of President Lee Myung-bak.

Lee’s pledges as a presidential hopeful, however, appeared to diverge from the policy of the incumbent government in terms of the economy and inter-Korean relations.

Lee called for a reorganization of the administrative structure, a reduction of the number of lawmakers to 200, establishment of a South-North Korean representatives’ office along with a community for the peace and prosperity of Northeast Asia.

In order to eradicate corruption, Lee proposed setting up a special investigation bureau in charge of high-level public servants. He also supported mutual growth of large and small businesses and pledged to prioritize job creation.

“I do not deem myself an ethically perfect person, but I have tried to live an honest life as much as possible by following my conscience and common sense,” Lee said.

Lee is the fifth Saenuri candidate to announce a presidential bid, following Gyeonggi Gov. Kim Moon-soo, Rep. Chung Mong-joon, former Incheon Mayor Ahn Sang-soo and former presidential Chief of Staff Yim Tae-hee. They all face an uphill battle against frontrunner Park Geun-hye, whose grip on the ruling party further solidified upon the election of her close aide Lee Hahn-koo as the party’s new floor leader on Wednesday.

According to an opinion poll conducted by Chosun Ilbo and Media Research on May 7, Park enjoyed 35.8 percent of public support compared to Kim Moon-soo’s 1.4 percent, Chung Mong-joon’s 1.3 percent, Yim Tae-hee’s 0.4 percent, and Lee Jae-oh and Ahn Sang-soo’s 0.1 percent each. Other potential conservative candidates include former Prime Minister Chung Un-chan and Saenuri Rep. Kim Tae-ho.

Born in Gangwon Province, Lee was a former student activist, human rights advocate and teacher before he officially entered politics by joining the New Korea Party, the precursor to the GNP and Saenuri Party, in 1996.

By Lee Joo-hee (jhl@heraldcorp.com)