The People Power Party is launching a full-scale offensive regarding single-stock leverage ETFs (exchange-traded funds) on September 3. The party plans to pursue a national investigation and a special prosecutor's inquiry to clarify the decision-making process and accountability surrounding the introduction of these ETFs.
During a Supreme Council meeting held at the National Assembly, party leader Jang Dong-hyuk stated, "The investigation into the 'ETF Gate' under the Yoon Suk-yeol administration must be conducted by a special prosecutor."
Jang emphasized that the public has suffered losses amounting to 54 trillion won due to single-stock leverage ETFs, asserting that the Blue House's Office for Government Policy Coordination, the Financial Services Commission, the Financial Supervisory Service, and President Yoon are not exempt from responsibility. He also criticized Kim Yong-beom, who abruptly resigned, stating that his departure cannot be overlooked.
Floor leader Jeong Jeom-sik added, "The introduction of single-stock leverage ETFs has precipitated a crisis in the stock market," warning that relying on the semiconductor boom while squandering taxpayer money could jeopardize the future of the public.
Members of the National Assembly's Political Affairs Committee also held a press conference on the same day to officially announce their push for a national investigation into the single-stock leverage ETFs.
Seo Il-jun, the committee's secretary, stated, "We will promptly initiate the procedures for requesting a national investigation. Through this investigation, we aim to clarify the decision-making process and accountability, and if any serious violations or illegal activities are confirmed, we will pursue a special prosecutor's inquiry as well."
Seo heightened criticism regarding the resignation of former Blue House policy chief Kim Yong-beom, noting, "Although Kim, who was at the center of the introduction of single-stock leverage ETFs, has stepped down, this situation cannot be resolved simply by his resignation."
After the press conference, chief spokesperson Choi Eun-seok remarked, "The responsibility of the former policy chief regarding single-stock leverage ETFs is clear. We will actively pursue a national investigation to clarify the facts and hold him accountable."
* This article has been translated by AI.
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