The People Power Party criticized Presidential Chief of Staff for Policy Kim Yong-beom for meeting with seven major export corporations to ask for cooperation to stabilize the foreign exchange market, saying it was "threatening corporations to hand over their dollars." It added that a shift in the overall economic policy stance should come before pressuring corporations.
Song Eon-seog, the People Power Party floor leader, said at a floor countermeasures meeting at the National Assembly on the morning of the 19th, "Policy chief Kim Yong-beom reportedly summoned major conglomerates and discussed ways to bring more of the dollars corporations earn overseas into the country," adding, "This is effectively threatening corporations to give up the foreign exchange gains they are legitimately entitled to."
He continued, "Ordering corporations to hand over their hard-earned dollars—does that make the government a gang? Stop trampling on the principles of a market economy and trying to confiscate private property," and added, "Immediately end the high-handed and dogmatic behavior reminiscent of the military dictatorship era."
Song urged the government to fully reverse its economic policy stance. Specifically, he proposed: ▲ measures to manage the surging liquidity ▲ revisions to "anti-corporations bills" such as the yellow envelope law, a new labor law aimed at strengthening the bargaining rights of subcontract workers, the Commercial Act, and the Serious Accidents Punishment Act ▲ incentives for corporations that bring in dollars.
Song said, "The exchange rate cannot be controlled by threatening corporations or blaming Korean retail investors trading U.S. stocks," adding, "Even if the exchange rate is urgent, we cannot unbuckle the seat belt on the expressway called the foreign exchange market. We strongly demand a fundamental policy shift by the government."
Kim Eun-hye, the People Power Party senior deputy floor leader for policy, also said, "Policy chief Kim Yong-beom warned corporations, telling them 'do not seek small profits,' and it is said corporations offered a 'grin-and-bear-it' response that they would release dollars into the domestic market," adding, "What is the difference between the Lee Jae-myung administration, which once told them to invest in the United States to earn dollars and now tells them to bring those dollars back, and thugs who extort fees from street vendors?"
The policy chief held a "meeting on the foreign exchange market with export corporations" the previous day at the Bankers Association Building in Jung-gu, Seoul, and met with officials from Samsung Electronics, SK, Hyundai Motor, LG, Lotte, Hanwha Ocean, and HD Hyundai Heavy Industries. Kim reportedly asked the corporations to bring dollars into the country, saying, "Do not try to chase small profits; focus on your core business."