Lee Hoon-ki: "Rhyu Si-min Should Just Enter Politics... Growing Gap Between Party and Public Sentiment Is Serious"

[Joo Young-jin's News Briefing]

When citing this interview, please clearly credit the program name 'SBS <Joo Young-jin's News Briefing>.' Copyright belongs to SBS.

■ Broadcast: SBS <Joo Young-jin's News Briefing> Mon–Fri (14:00–15:20)
■ Host: Anchor Joo Young-jin
■ Guest: Rep. Lee Hoon-ki, Democratic Party of Korea
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● Interview with Rep. Lee Hoon-ki, Democratic Party of Korea

"Rhyu Si-min should play a role in unity... He should rather step onto the field and do politics"
"Kim Min-seok seems to have thought a lot about people's livelihood politics... Gap between party sentiment and public sentiment is widening"
"Government's draft for 'Stock Price Suppression Prevention Bill' is a 'Stock Price Suppression Neglect Bill'... Insufficient to achieve original intent"
"I will be a K-retail investor guardian... We must protect small retail investors"
"Ilbe site contracted considerably after the introduction of the 'Anti-Ilbe Bill'"
"Science and ICT Committee is practically stalled due to the Lee Jin-sook controversy"


▷ Joo Young-jin / Anchor: On 'Joo Young-jin's News Briefing,' our guest for today's interview is Representative Lee Hoon-ki of the Democratic Party of Korea. Welcome.

▶ Lee Hoon-ki / Democratic Party Lawmaker: Hello.

▷ Joo Young-jin / Anchor: A moment ago, while waiting, you must have heard us discussing author Rhyu Si-min with reporters Seong Han-yong and Huh Min, and you must have seen all the articles. What immediately comes to your mind when you hear about author Rhyu Si-min?

▶ Lee Hoon-ki / Democratic Party Lawmaker: Actually, author Rhyu Si-min is someone not only I but many people respected and considered a valuable asset to our society. But lately, while offering advice is fine, he seems emotional and filled with anger. That is what I think. So I thought his remarks yesterday were quite excessive. As a commentator, he should maintain some objectivity, but he takes one side, defends it, and excessively attacks the other side without grounds, which makes me wish he would return to the author Rhyu Si-min of the past. Moreover, our party has just concluded its national convention and is at a point where we must unite. All the more, as an opinion leader, author Rhyu should play a role in fostering unity, but instead, he is causing division and driving wedges, which is truly regrettable. If he is going to act like that, I wonder if it would be better for him to just come out onto the field and engage in politics.

▷ Joo Young-jin / Anchor: I see. If author Rhyu Si-min directly enters politics, wouldn't that cause some division within the Democratic Party?

▶ Lee Hoon-ki / Democratic Party Lawmaker: I am not sure. Since he keeps doing this from behind the scenes, he might as well confidently come forward, do politics, and make his position clear.

▷ Joo Young-jin / Anchor: Understood. Before welcoming you today, Representative Lee, I recall that after Chairman Kim Min-seok took office, he created many task forces. What stood out most to me—and I remember this from your last appearance as well—is your weekly Friday tour through every corner of the alleys in your constituency, 'A Walk Around the Neighborhood.'

▶ Lee Hoon-ki / Democratic Party Lawmaker: That is correct.

▷ Joo Young-jin / Anchor: Right. That stood out, and this time, did Chairman Kim Min-seok launch the 'Burning Friday Politics for Public Livelihood Delegation'?

▶ Lee Hoon-ki / Democratic Party Lawmaker: It is the 'Burning Friday Politics Alley Livelihood Delegation.'

▷ Joo Young-jin / Anchor: You took on the role of leader or secretary for that, right? It seems Chairman Kim Min-seok clearly remembers what Representative Lee Hoon-ki has been doing.

▶ Lee Hoon-ki / Democratic Party Lawmaker: It seems so. It has been about two years since I started 'A Walk Around the Neighborhood.' Many fellow lawmakers and local residents know about it. After becoming party leader, Chairman Kim Min-seok seems to have contemplated deeply. Our party had been quite fixated on party member sentiment rather than general public sentiment, and he seems to have thought a lot about how to grasp public sentiment and practice livelihood-focused politics. Then he contacted me and suggested, "What if all our lawmakers do 'A Walk Around the Neighborhood' together?" So I said that sounds wonderful. It means every Friday, all National Assembly members and local councilors from our Democratic Party go to their respective districts and do a neighborhood walk. By visiting every corner, we listen to public sentiment, communicate, and post the results—reflections, and civil petitions discussed there—on social media. This becomes an asset for the Democratic Party. We will compile them weekly, select a few to legislate if legislation is needed, or deliver them to the government or the Blue House to turn into policy, thereby practicing practical livelihood politics. That is why, perhaps because it is something I have been doing, I believe this could be a major turning point for the Democratic Party. In fact, until recently, our party was fixated on prosecution reform or internal party 'one person, one vote' rules, but we really must practice politics centered on people's livelihoods. In that regard, I believe this will have a very positive effect and, if done well, can earn the empathy of the public.

▷ Joo Young-jin / Anchor: In other words, the bread-and-butter issues of the people.

▶ Lee Hoon-ki / Democratic Party Lawmaker: That is right.

▷ Joo Young-jin / Anchor: So right now, not only in the Democratic Party but also in the People Power Party, there is a lot of talk about 'party member sovereignty.' But what could easily be overlooked here is the concept of the public—

▶ Lee Hoon-ki / Democratic Party Lawmaker: That is right.

▷ Joo Young-jin / Anchor: The public as the sovereign. In other words, shouldn't we also listen to the voices of those who do not support the Democratic Party for policies to be properly shaped?

▶ Lee Hoon-ki / Democratic Party Lawmaker: While walking around neighborhoods, I meet about 500 to 1,000 residents every week. I walk for about six to seven hours. What I felt most acutely was that the party's internal sentiment and the public sentiment are increasingly drifting apart, and the gap is becoming too wide. I felt very sad about this, and I have mentioned it to our party leader once and brought it up in various places several times. I believe this initiative can serve as an opportunity to bridge that gap.

▷ Joo Young-jin / Anchor: Regarding establishing this system, a structured framework—have you discussed this idea thoroughly with party members and officials?

▶ Lee Hoon-ki / Democratic Party Lawmaker: It has only been a few days, so we plan to organize it within this week. While lawmakers will participate voluntarily, some might be passive, so we need to set it up well so that everyone can participate naturally together.

▷ Joo Young-jin / Anchor: Depending on the region, what voters and citizens want may all differ.

▶ Lee Hoon-ki / Democratic Party Lawmaker: Therefore, while each person conducts it in their own district, at times several lawmakers might gather around a common agenda to do a neighborhood walk together, or visit specific areas. We will explore various approaches. Furthermore, it is not just about visiting and communicating; the key is to turn it into concrete results—

▷ Joo Young-jin / Anchor: Naturally.

▶ Lee Hoon-ki / Democratic Party Lawmaker: I believe the most important thing is to make citizens feel tangible improvements in their daily lives.

▷ Joo Young-jin / Anchor: I think what you just said is truly crucial.

▶ Lee Hoon-ki / Democratic Party Lawmaker: And I believe this is putting into practice the principle that "Politics is done by the people."

▷ Joo Young-jin / Anchor: Ah, politics is—

▶ Lee Hoon-ki / Democratic Party Lawmaker: Done by the people.

▷ Joo Young-jin / Anchor: It may look like lawmakers or politicians are doing it, but in the end, it is the people who do it.

▶ Lee Hoon-ki / Democratic Party Lawmaker: Absolutely.

▷ Joo Young-jin / Anchor: I believe that is something President Lee Jae-myung has said.

▶ Lee Hoon-ki / Democratic Party Lawmaker: I consider this to be putting that into action.

▷ Joo Young-jin / Anchor: In fact, district lawmakers and politicians usually visit their districts anyway. But the idea here is not just to go, talk only about local district matters, and end with filing petitions when meeting ministers, but rather to connect it to legislation if there are legislative tasks, and develop it into policy. Is that what this is about?

▶ Lee Hoon-ki / Democratic Party Lawmaker: In addition, because the party, especially the party leader, is pursuing this with strong determination, he showed strong resolve to me as well, saying that we should discover, announce, and deliver weekly agendas to the Blue House and the government to produce tangible results.

▷ Joo Young-jin / Anchor: In any case, this Neighborhood Walk Burning Friday Politics Livelihood Delegation—the name can get a bit confusing—aims to have the ruling party directly reflect the voices of citizens met in alleys, legislating what needs legislation and turning what needs policy into policy tasks.

▶ Lee Hoon-ki / Democratic Party Lawmaker: That is correct.

▷ Joo Young-jin / Anchor: This seems worth looking forward to. It also turns out that Representative Lee Hoon-ki's two years of walking around neighborhoods was remembered not only by Chairman Kim Min-seok but by many people.

▶ Lee Hoon-ki / Democratic Party Lawmaker: Therefore, please look forward to a reliable Democratic Party that protects people's livelihoods going forward. I will work hard.

▷ Joo Young-jin / Anchor: As you mentioned earlier, the gap between what party members think and want and what the general public desires is widening. This seems to be something that must be taken quite seriously.

▶ Lee Hoon-ki / Democratic Party Lawmaker: I believe it is extremely serious.

▷ Joo Young-jin / Anchor: Recently, you have also been continuously proposing bills. You mentioned introducing the 'Stock Price Suppression Prevention Bill.' Is that included in the legislative tasks for this regular session of the National Assembly? How does it stand?

▶ Lee Hoon-ki / Democratic Party Lawmaker: Right now, I believe the foundation of the stock market has become solid through three rounds of Commercial Act revisions. Last time, stock prices dropped sharply due to leverage issues and fluctuated, but I expect them to normalize. However, especially in the Kosdaq, certain controlling shareholders artificially depress stock values—sometimes down to one-tenth of their value—to reduce their gift and inheritance taxes, using it as a means of tax avoidance. Because of this, the overall value of Kosdaq is being undervalued. That is why the Stock Price Suppression Prevention Bill was introduced: to prevent stock prices from being arbitrarily suppressed. When stock prices are suppressed, the biggest victims are ordinary investors and retail investors. While controlling shareholders benefit, ordinary investors suffer massive losses—imagine how much loss they incur if the stock value drops to one-tenth. But because that has been practiced conventionally, Kosdaq has been undervalued. To prevent this, Representative Lee So-young of our party was the first to propose the Stock Price Suppression Prevention Bill last May. After it was proposed, the President showed considerable interest, and the market responded. However, recently the government submitted a government bill, but rather than a 'Stock Price Suppression Prevention Bill,' it feels more like a 'Stock Price Suppression Neglect Bill' that undermines the original intent. Coincidentally, while I was preparing a revised bill, I held a press conference about two days after the government bill was announced, urging the government to withdraw its draft and rewrite it, and I introduced my own bill. So now our party is comparing Representative Lee So-young's bill with mine. Since the government's draft undermines the original intent, we are preparing to center the revision around my bill and Representative Lee So-young's bill to pass it during this regular session of the National Assembly.

▷ Joo Young-jin / Anchor: To help our viewers understand the point you just mentioned more concretely: when the tax reform plan was announced previously, we discussed how some corporate owners facing inheritance hurdles intentionally suppress stock prices to reduce their heavy inheritance tax burden. The core of the Stock Price Suppression Prevention Bill is to stop this practice. In your view, Representative Lee, why do you consider the government's proposed legislation a 'neglect bill'? What do you see as its biggest problem?

▶ Lee Hoon-ki / Democratic Party Lawmaker: In the bill I introduced, if the asset value of a share is 100,000 won but the stock price is 80,000 won—meaning 0.8 or below—it is considered artificially suppressed as a benchmark. Under that criterion, about 1,300 companies would be covered. However, while my proposal uses an absolute evaluation, the government proposal uses a relative evaluation, applying only to the bottom 10% of Kosdaq companies. Under that, only about 100 companies are covered, which is just one-tenth. That scale cannot achieve the original purpose, especially when a substantial number of companies are doing this. Therefore, aligning it to 0.8 would be quite effective and fundamentally remove the incentive to lower stock prices. That is the kind of effect the bill has.

▷ Joo Young-jin / Anchor: It seems lawmakers will process this bill amid considerable attention during this regular session of the National Assembly.

▶ Lee Hoon-ki / Democratic Party Lawmaker: In addition, Han Jeoung-ae, former Policy Committee Chair who is now Secretary-General, previously discussed it and stated that we would prepare it again centered on Representative Lee So-young. Therefore, we plan to finalize our party's proposal soon and must pass it in this regular session. Given the various market conditions, especially on the Kosdaq, passing this law will have a substantial impact, particularly for small retail investors. That is why I personally want to become a 'K-retail investor guardian.' Such investors are important.

▷ Joo Young-jin / Anchor: A K-retail investor guardian, understood. Many people will likely follow the process of handling the Stock Price Suppression Prevention Bill in the regular session. Also, in June, you proposed the 'Anti-Ilbe Bill.' What is the current status of that?

▶ Lee Hoon-ki / Democratic Party Lawmaker: I heard that after I introduced the bill, the Ilbe website contracted significantly and posted a notice.

▷ Joo Young-jin / Anchor: After the bill was introduced.

▶ Lee Hoon-ki / Democratic Party Lawmaker: Recently, I think it was in early August, they posted that operations have become very difficult with no incoming advertising, so they need to accept paid memberships, and that if things go wrong, they might have to shut down due to financial distress. I believe the bill I proposed had some influence. Although it has not passed yet, my biggest concern was this: young people seemed to think posting mockery on Ilbe Storage was just a trend. They participated without much awareness of the problem, thinking, 'It's weirder if I don't do it; this is a trend and a movement.' But when such a strong bill was introduced, it seems to have made them think seriously that this could lead to major trouble. So while having more laws is not necessarily ideal, and though people talk about various aspects regarding societal diversity, I feel we have no choice but to regulate through law things that continuously harm our society.

▷ Joo Young-jin / Anchor: Working on the Science and ICT Committee, you probably face dilemmas whenever introducing such bills. Freedom of expression is a constitutionally guaranteed right, and while it seems people there infringe on privacy, mock others, defame reputations, and engage in very harmful activities, you might worry whether such a bill could stifle freedom of expression.

▶ Lee Hoon-ki / Democratic Party Lawmaker: I did have those concerns. I believe freedom of expression should help our society find greater health through diversity, not cause social conflict or degrade the standards of our society. So I contemplated heavily and worried about how many opinions would arise when introducing this law, which I proposed in June.

▷ Joo Young-jin / Anchor: Just the introduction of the bill seems to have had a notable impact on Ilbe.

▶ Lee Hoon-ki / Democratic Party Lawmaker: I believe it has already had an effect. I do not think punishment is the sole answer.

▷ Joo Young-jin / Anchor: I hope the details of such discussions will become widely known during the National Assembly's debate process going forward. Recently, a meeting of the Science and ICT Committee was held, where ruling and opposition lawmakers clashed heavily over the issue regarding lawmaker Lee Jin-sook.

▶ Lee Hoon-ki / Democratic Party Lawmaker: That is correct.

▷ Joo Young-jin / Anchor: In the end, a resolution urging the expulsion of lawmaker Lee Jin-sook was passed in the Steering Committee, led by the Democratic Party.

▶ Lee Hoon-ki / Democratic Party Lawmaker: It passed today.

▷ Joo Young-jin / Anchor: Then what will Democratic Party members on the Science and ICT Committee do regarding lawmaker Lee Jin-sook?

▶ Lee Hoon-ki / Democratic Party Lawmaker: I also feel very frustrated because the Science and ICT Committee has so much work to do. In the first half, media reform and broadcasting reform were primary, but it is also the main standing committee for AI. There is an enormous amount of work related to AI. There are diverse tasks across information and communications, science, and technology, yet work is almost suspended. We cannot even hold meetings because of lawmaker Lee Jin-sook. And since there is a push to expel her now, sitting down together to convene the committee is awkward. I hope this issue is resolved quickly.

▷ Joo Young-jin / Anchor: Indeed. The leadership of both the ruling and opposition parties must be deliberating on how to resolve this. In any case, sitting across the table with the committee chair is currently the unavoidable situation. Looking at this year's regular National Assembly session, what do you consider your top personal task and the Assembly's task?

▶ Lee Hoon-ki / Democratic Party Lawmaker: The Stock Price Suppression Prevention Bill I mentioned earlier.

▷ Joo Young-jin / Anchor: The Stock Price Suppression Prevention Bill.

▶ Lee Hoon-ki / Democratic Party Lawmaker: As a K-retail investor guardian, that is one. Another is that I plan to strongly push forward the Anti-Ilbe Bill mentioned earlier.

▷ Joo Young-jin / Anchor: Understood. We will continue to follow the discussions in the Science and ICT Committee during the regular National Assembly session. If those bills are passed along the way, we will invite you again to hear about the specific contents and expected future impacts. Thank you very much for speaking with us today.

▶ Lee Hoon-ki / Democratic Party Lawmaker: Thank you.

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※ Please note: This article was translated by AI and may contain errors.