Jokuk, head of the Innovation Policy Research Institute, stated on August 5 that "Kim Yong-beom, the head of the Presidential Policy Office, should be held accountable" for the single-stock leverage ETF crisis.
In a Facebook post, Jokuk wrote, "The current situation is a result of the failure of government-led finance created by key policy makers, including Kim, at the Presidential Policy Office, the Office for Government Policy Coordination, the Financial Services Commission, and the Financial Supervisory Service."
He added, "Despite experts' warnings that it was rushed, Kim advocated for its introduction, leading to the launch of 16 single-stock leverage ETFs just before the June 3 local elections. However, after the elections, Financial Supervisory Service Chairman Lee Chan-jin remarked, 'We should have blocked it by lying down.' The policy decision-making process remains a mystery."
Jokuk emphasized, "Looking at the press release issued by the Financial Services Commission on April 21, it appears there was insufficient discussion regarding the policy's side effects during the Cabinet meeting at that time."
He insisted, "We cannot gloss over this clear failure of government-led finance," and called for accountability from Kim, former Office for Government Policy Coordination head Yoon Chang-ryeol, Financial Services Commission Chairman Lee Ok-yeon, and Financial Supervisory Service Chairman Lee Chan-jin.
He particularly noted, "For the success of the Lee Jae-myung administration, oversight of those involved in this situation is necessary from the Civil Affairs Office."
* This article has been translated by AI.
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