PPP Calls Kim Yong-beom's Resignation 'Cutting Off the Tail,' Demands Parliamentary Probe and Special Counsel into Leverage ETF

▲ Former Cheong Wa Dae Policy Chief Kim Yong-beom has resigned. Senior Presidential Spokesperson Kang Yu-jung announced in a briefing on September 1 that Kim tendered his resignation the previous day, and President Lee Jae-myung accepted it on September 1. Pictured here is Kim during a briefing in July of last year.

Following the resignation of Kim Yong-beom, former Cheong Wa Dae Policy Chief—who was pointed to as the mastermind behind the introduction of single-stock leverage exchange-traded funds (ETFs) blamed for the recent "roller-coaster Kospi"—the People Power Party (PPP) dismissed the move as "cutting off the tail" and raised the necessity of a parliamentary investigation and a special counsel probe regarding the leverage ETFs.

Within the PPP, Kim's resignation amid controversies surrounding nominees included in the August 30 cabinet reshuffle, such as Justice Minister nominee Kim Seung-won and Gender Equality and Family Minister nominee Yong Hye-in, prompted the party to step up its offensive in a bid to seize the upper hand in public opinion.

PPP Leader Jang Dong-hyeok wrote on Facebook today, "Single-stock leverage ETFs were Kim Yong-beom's creation. The stock market turned into a gambling den, the public's bank accounts were cleaned out, and only securities firms made money. Kim Yong-beom is the tail, and the body is likely President Lee." He added, "Resigning does not make the responsibility vanish. We must at least conduct a special counsel investigation."

Floor Leader Jung Jeung-sik also met with reporters immediately after the party's floor strategy meeting, urging, "Dismiss the remaining two of the leverage ETF trio, Financial Services Commission Chairman Lee Eok-won and Financial Supervisory Service Governor Lee Chan-jin." He emphasized, "Regardless of Kim's resignation, fact-finding measures such as a parliamentary investigation are necessary regarding the hasty introduction of leverage ETFs."

Regarding the timing of Kim's resignation, Jung evaluated, "Didn't they throw a smoke screen as public opinion worsened following the second cabinet reshuffle over the weekend and the fallout from nominating Kim Seung-won, the 'cancellation of indictment minister,' grew? It is tantamount to admitting the failure of the cabinet reshuffle already."

Rep. Bae Jun-young, the opposition secretary on the National Assembly's Strategy and Finance Committee, said at the floor strategy meeting, "The resignation of Policy Chief Kim, the chief director of the national economic catastrophe, is only natural though belated." He added, "They will have to select a successor, but it will all be useless if the President does not change."

Re-elected lawmaker Seo Bum-su also posted on social media, "This is merely the disappearance of one 'running dog' who ruined the national economy with crooked economic logic and botched policies." He pressed, "Completely overhaul the economic team with proper economic experts instead of half-baked economists and sycophants who flatter while reading the President's face."

Former lawmaker Yoo Seung-min stated in a social media post, "It is belated. It is very late, but still a relief." He added, "I hope this serves as an opportunity to completely overhaul the failed economic policies of the Lee Jae-myung administration."

Spokesperson Cho Yong-sul released a commentary stating, "Instead of holding Kim accountable for policy failures and dismissing him, President Lee manufactured a shape where Kim stepped down on his own, virtually opening a path for an honorable exit." He criticized, "I strongly condemn President Lee's personnel management, which is preoccupied with protecting his own people."

It is anticipated that the PPP will soon submit a request for a parliamentary investigation into the leverage ETFs.

Chief Senior Deputy Floor Spokesperson Soojin added during a briefing, "Submitting the request for a parliamentary investigation into leverage ETFs is just a matter of when, and it has already been fully drafted."

Inside the PPP, remarks also emerged that additional measures regarding nominee Yong and others are necessary.

Five-term lawmaker Yoon Sang-hyun noted on Facebook, "The resignation of Kim alone is not enough." He pointed out, "If the nomination of Gender Equality and Family Minister nominee Yong Hye-in is maintained as is, it will be hard to avoid criticism that this resignation was a show for public sentiment rather than a true answer."

(Photo: Yonhap News)

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