Opposition Party Demands Dismissal of Policy Chief Kim Yong-beom, Calls for Parliamentary Probe Over ETF Controversy

The conservative opposition bloc launched an offensive on July 20, demanding the immediate dismissal of Kim Yong-beom, the Blue House Policy Chief, and the launch of a parliamentary investigation following his remarks the previous day that delisting single-stock leveraged exchange-traded funds (ETFs) would be difficult.

"The Korea Exchange in Yeouido has become a gambling den worse than Kangwon Land," said Kim Jae-won, a Supreme Council member of the People Power Party, during a Supreme Council meeting at the National Assembly today. "President Lee Jae-myung, Deputy Prime Minister for Economy Koo Yun-cheol, Financial Supervisory Service Governor Lee Chan-jin, and Policy Chief Kim Yong-beom should apologize to the public even now. It makes me think they should be punished for running a gambling house and aiding and abetting gambling."

"The measures Kim proposed yesterday are being evaluated as providing a predictable two-hour window for buying and selling, allowing quick-witted speculative forces to engage in speculation," Kim pointed out. "If he says himself that delisting is difficult, then the problem cannot be solved."

He further emphasized, "They must lower the leverage ratio and reveal a roadmap for delisting. I am not saying to abolish it immediately, but they must prepare a schedule for a phased reduction."

Supreme Council member Shin Dong-wook launched a fierce attack, saying, "I believe they introduced leveraged ETFs on May 27, ahead of the June 3 local elections, for the purpose of election interference. If Kim is left in his position, he will try to build casinos all over the country."

He urged Kim to step down, saying, "Can the situation be resolved by saying that immediate delisting is difficult? Apologize first and resign. They must identify those who led the policy and pushed it forward, dismiss them, and immediately reorganize the economic team."

He added, "(The ruling party) must immediately agree to form the parliamentary standing committees and push for a parliamentary investigation, at least regarding the capital market issue."

Chief Spokesperson Park Sung-hoon also issued a commentary today, criticizing Kim by stating, "The market is collapsing and investors are shedding tears of blood, yet the official responsible for designing the policy is only focused on making excuses and avoiding responsibility. The most serious issue is that fundamental measures, such as delisting or lowering the leverage ratio, were completely left out."

"The government has effectively admitted to a policy failure. If it were a proper policy, why would they raise the barriers with stopgap regulations after just a few months?" he asked, emphasizing, "Kim must be dismissed immediately, and the leveraged ETF policy must be completely re-examined from scratch."

Lee Jun-seok, leader of the Reform Party, also voiced criticism toward Kim while meeting with reporters after a Supreme Council meeting today.

"I believe this happened because the control tower for national policy shifted from the Ministry of Economy and Finance to Kim," Lee said. "As Kim began to weigh in on everything, public officials in Sejong City are now only looking at the Blue House."

"Ultimately, I think the Lee Jae-myung administration is dismantling the judicial system and the very foundation of national policy operations," he criticized. "It is time for Kim to express his position on his future. If they experience failure in both the real estate and stock markets, this administration's economic report card will be a failing grade."

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.