Jung Jeom-sik Calls for Dismissal of Kim Yong-beom Over ETF Controversy

Jung Jeom-sik, the floor leader of the People Power Party, asserted on August 7 that President Lee Jae-myung should dismiss Kim Yong-beom, the head of the Presidential Policy Office, over the introduction of single-stock leverage exchange-traded funds (ETFs).

In a post on his Facebook page, Jung stated, "Kim should be dismissed solely for pushing the introduction of single-stock leverage ETFs."

He criticized the recent comments made by the chief of public relations at the Blue House, who emphasized the importance of solutions over accountability regarding Kim's actions. Jung remarked, "How serious must the situation be for even members of the Democratic Party to raise accountability issues? To entrust economic policies to someone like this is a declaration of war against the public."

Jung further claimed, "Kim has consistently demonstrated a subpar level of performance as the economic policy head. His proposal for an 'AI National Dividend' was an extreme suggestion that sought to use corporate performance as a populist policy tool. Is this truly the policy head of South Korea, or is it someone from Venezuela?"

He also recalled Kim's previous statement in May, where he described high interest rates, inflation, and exchange rates as the costs of success, which sparked public outrage. Jung noted, "While the entire nation is suffering from these three high phenomena, Kim appears to take pleasure in self-praise, reminiscent of the lines from 'Chunhyangjeon' about the high songs of corrupt officials amidst the people's grievances."

Jung pointed out that the significant drop in the KOSPI index last month was clearly linked to the single-stock leverage ETFs, yet Kim blamed the volatility on individual investors' tendencies. He criticized, "It is common to see government officials justifying poor policies, but it is unprecedented to see someone shift the blame for their mistakes onto the public."

Moreover, he declared, "Kim has already become a villain in the Korean economy. He is not a policy head but a 'head of mistakes.' President Lee must dismiss Kim. A personnel change would send the strongest message. As long as the President continues to rely on Kim, he cannot gain the public's trust in economic policies."