The People Power Party called for a parliamentary investigation and a special counsel probe related to single-stock leveraged ETFs (exchange-traded funds). On the resignation of Kim Yong-beom, the presidential chief of staff for policy, it said Lee Eog-weon, chair of the Financial Services Commission (FSC), and Lee Chan-jin, governor of the Financial Supervisory Service, should also step down.
Jang Dong-hyeok, the People Power Party leader, wrote on Facebook on the 1st that "the single-stock leveraged ETF was Kim Yong-beom's creation," adding, "the stock market turned into a gambling den, the public's bank accounts were emptied, and only securities firms made money." He continued, "But of all people, Kim Yong-beom's son works at a securities firm, and Financial Supervisory Service Governor Lee Chan-jin's son is at the same firm. Isn't this clearly a matter for investigation?"
He added, "There is no way Kim Yong-beom did this alone without President Lee Jae-myung knowing. Kim Yong-beom is the tail, and President Lee Jae-myung is the body," and said, "Cutting off the tail does not make the body disappear."
Floor leader Jeong Jeom-sik also told reporters after a floor countermeasures meeting that "the remaining two of the leveraged ETF trio, FSC Chair Lee Eog-weon and Financial Supervisory Service Governor Lee Chan-jin, should be dismissed." He emphasized, "Separate from Kim's resignation, measures such as a parliamentary investigation are needed to get to the bottom of the hasty introduction of leveraged exchange-traded funds (ETFs)."
He went on, "After the second Cabinet reshuffle announcement over the weekend, as public opinion worsened and the backlash grew over the nomination of Kim Seung-won as the 'minister for canceling indictments,' they may have thrown a smoke grenade," adding, "It already amounts to admitting the reshuffle's failure."