On October 8, lawmakers engaged in a heated debate during the National Assembly's Financial Services Commission audit regarding the introduction of single-stock leverage exchange-traded funds (ETFs) and the accountability surrounding the process. The ruling People Power Party (PPP) asserted that Kim Yong-beom, former head of the Presidential Office's Policy Office, was a key figure in the introduction and called for accountability. In contrast, the opposition Democratic Party (DP) countered that the inquiry into the introduction was a politically motivated attack.
The PPP focused heavily on Kim's responsibility in the introduction of the single-stock leverage ETFs. Kim's appearance at the audit was canceled due to opposition from the DP.
PPP lawmaker Park Jun-tae criticized, "Kim fled after submitting his resignation, and his current whereabouts are unclear. He also avoided being summoned as a witness today."
He further referenced President Lee Jae-myung's earlier comment regarding the introduction process, stating, "Someone must have made the decision, yet no one is taking responsibility. This is an attempt to cover up the issue."
Another PPP lawmaker, Song Eon-seok, claimed, "Many people from the Financial Services Commission and the Ministry of Economy and Finance I met privately all point to Kim as the one who pushed for the introduction. This flawed policy has caused losses to the public, and if the National Pension Service has incurred significant losses, shouldn't there be an apology to the public and a resignation?"
PPP lawmaker Shin Dong-wook added, "Everyone in the Blue House and the financial sector points to Kim. Shouldn't he come here to clarify why the introduction happened?"
Conversely, the DP emphasized the necessity of introducing single-stock leverage ETFs while arguing that the opposition's focus on accountability was merely a political maneuver.
DP lawmaker Park Hong-bae stated, "There is a tendency to frame this as a conspiracy that the Blue House unilaterally pushed for the introduction of this product. However, domestic investors were already trading single-stock leverage ETFs based on domestic stocks in Hong Kong, so it was necessary to address regulatory discrepancies by introducing them here."
DP lawmaker Jeon Hyun-hee countered, "The question of why it was introduced is not the essence of the matter. The introduction has already occurred, and asking who made the decision is just political posturing."
DP lawmaker Han Min-soo also remarked, "It is inappropriate to drag the Blue House and the President into the inquiry simply to attack the government."
Additionally, a similar debate over accountability for the introduction of single-stock leverage ETFs occurred during the National Assembly's Finance and Economy Committee audit on October 6. At that time, Deputy Minister of Economy and Finance Kwon Dae-young responded to opposition inquiries about Kim's involvement by stating, "The Financial Services Commission made the final decision." The DP had previously emphasized that matters related to financial products and market supervision should be addressed by the Financial Services Commission rather than the Finance and Economy Committee.
The PPP focused heavily on Kim's responsibility in the introduction of the single-stock leverage ETFs. Kim's appearance at the audit was canceled due to opposition from the DP.
PPP lawmaker Park Jun-tae criticized, "Kim fled after submitting his resignation, and his current whereabouts are unclear. He also avoided being summoned as a witness today."
He further referenced President Lee Jae-myung's earlier comment regarding the introduction process, stating, "Someone must have made the decision, yet no one is taking responsibility. This is an attempt to cover up the issue."
Another PPP lawmaker, Song Eon-seok, claimed, "Many people from the Financial Services Commission and the Ministry of Economy and Finance I met privately all point to Kim as the one who pushed for the introduction. This flawed policy has caused losses to the public, and if the National Pension Service has incurred significant losses, shouldn't there be an apology to the public and a resignation?"
PPP lawmaker Shin Dong-wook added, "Everyone in the Blue House and the financial sector points to Kim. Shouldn't he come here to clarify why the introduction happened?"
Conversely, the DP emphasized the necessity of introducing single-stock leverage ETFs while arguing that the opposition's focus on accountability was merely a political maneuver.
DP lawmaker Park Hong-bae stated, "There is a tendency to frame this as a conspiracy that the Blue House unilaterally pushed for the introduction of this product. However, domestic investors were already trading single-stock leverage ETFs based on domestic stocks in Hong Kong, so it was necessary to address regulatory discrepancies by introducing them here."
DP lawmaker Jeon Hyun-hee countered, "The question of why it was introduced is not the essence of the matter. The introduction has already occurred, and asking who made the decision is just political posturing."
DP lawmaker Han Min-soo also remarked, "It is inappropriate to drag the Blue House and the President into the inquiry simply to attack the government."
Additionally, a similar debate over accountability for the introduction of single-stock leverage ETFs occurred during the National Assembly's Finance and Economy Committee audit on October 6. At that time, Deputy Minister of Economy and Finance Kwon Dae-young responded to opposition inquiries about Kim's involvement by stating, "The Financial Services Commission made the final decision." The DP had previously emphasized that matters related to financial products and market supervision should be addressed by the Financial Services Commission rather than the Finance and Economy Committee.
* This article has been translated by AI.
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