People Power Party demands probe into leveraged ETF rollout, cites 54 trillion won damage

  • People Power Party demanded parliamentary investigation and special counsel over single-stock leveraged ETF introduction.
  • 54 trillion Korean won in public damage was cited by party leader Jang Dong-hyeok.
  • The party demanded dismissals of Lee Eog-weon and Lee Chan-jin after Kim Yong-beom resigned.

South Korea’s People Power Party called for a parliamentary investigation and special counsel over the rushed introduction of single-stock leveraged ETFs after Kim Yong-beom resigned as presidential chief of staff for policy. Party leader Jang Dong-hyeok and floor leader Jeong Jeom-sig demanded that Lee Eog-weon, Chairperson of the Financial Services Commission, and Lee Chan-jin, Governor of the Financial Supervisory Service, also step down. Jang alleged potential conflicts involving the sons of Kim Yong-beom and Lee Chan-jin, who he said work at the same securities firm, and questioned whether President Lee Jae Myung was unaware of the policy. The party cited 54 trillion Korean won in public damage and said Kim’s resignation alone would not establish accountability. Jeong also linked the controversy to public backlash over the second reshuffle and the nomination of Kim Seung-won as a “prosecution dismissal minister,” calling the personnel changes an admission of failure.

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