The People Power Party argued that former Blue House Policy Chief Kim Yong-beom should be summoned as a witness for the National Assembly audit regarding the single-stock leveraged exchange-traded fund (ETF) crisis, but this request was ultimately denied. With most of the witnesses proposed by the People Power Party, including Kim and Kim Hyun-ji, the first secretary of the Blue House, not being accepted, the Democratic Party's insistence on Choi Hee-dae's testimony suggests that this year's audit will focus more on political conflict than on policy verification.
On October 1, the National Assembly's Political Affairs Committee held a full meeting and approved a witness list that excluded Kim. The People Power Party had planned to question Kim, along with Park Hyun-joo, chairman of Mirae Asset Group, and Kim Nam-goo, chairman of Korea Investment Holdings, about the circumstances surrounding the introduction of the single-stock leveraged ETF.
The audit aimed to investigate how the single-stock leveraged ETF, which caused losses exceeding 50 trillion won for individual investors, was introduced, whether Kim had pushed the initiative too aggressively, and if securities firms had profited excessively from commissions. However, the Democratic Party's rejection of all related witnesses has made a thorough audit unlikely.
Similarly, the Operations Committee did not accept key witness requests, disrupting the People Power Party's plans to criticize the failures in the appointments of former Justice Minister nominee Kim Seung-won and former Minister of Gender Equality and Family nominee Yong Hye-in. The People Power Party argued that Kim's presence was essential to scrutinize the Blue House's personnel verification system.
The People Power Party's plans to investigate allegations of lobbying for a new drug by Genensel through the Health and Welfare Committee have also been thwarted, as the Democratic Party rejected witness requests related to the drug lobbying allegations. Conducting a proper audit without representatives or brokers from Genensel is expected to be challenging.
As a result, the Political Affairs, Operations, and Welfare Committees are likely to conduct audits focused more on political conflict than on policy verification. The People Power Party may determine that it is better to highlight related issues through political strife rather than proceed with an audit lacking key witnesses.
In contrast, the Legislative Judiciary Committee's approval of Choi Hee-dae as a witness is expected to lead to a direct confrontation between the ruling and opposition parties over constitutional powers such as the appointment, recommendation, and consent rights of Supreme Court justices. The two parties have already clashed fiercely over the appropriateness of calling the Supreme Court Chief Justice as a general witness during the witness list approval process.
Typically, the Supreme Court Chief Justice leaves after making an opening statement during the National Assembly audit. However, since Choi stated, "I will address this during the National Assembly audit" regarding the rejection of the re-nomination of Supreme Court Justice Son Bong-ki, there is a possibility that Choi will engage directly with ruling party lawmakers.
The Education Committee, led by the People Power Party, has approved Sung Yoon-seok, CEO of Yuhwa Application, as a witness. Committee members plan to question him about the issues surrounding the application system for the 2027 college admissions early application process.
Meanwhile, the People Power Party is expected to pressure the Democratic Party for witness approvals leading up to the comprehensive audits conducted by each standing committee at the end of this month. As long as a summons request is delivered seven days before the attendance date, the obligation to appear is triggered, indicating that intense negotiations will likely continue until mid-month.
On October 1, the National Assembly's Political Affairs Committee held a full meeting and approved a witness list that excluded Kim. The People Power Party had planned to question Kim, along with Park Hyun-joo, chairman of Mirae Asset Group, and Kim Nam-goo, chairman of Korea Investment Holdings, about the circumstances surrounding the introduction of the single-stock leveraged ETF.
The audit aimed to investigate how the single-stock leveraged ETF, which caused losses exceeding 50 trillion won for individual investors, was introduced, whether Kim had pushed the initiative too aggressively, and if securities firms had profited excessively from commissions. However, the Democratic Party's rejection of all related witnesses has made a thorough audit unlikely.
Similarly, the Operations Committee did not accept key witness requests, disrupting the People Power Party's plans to criticize the failures in the appointments of former Justice Minister nominee Kim Seung-won and former Minister of Gender Equality and Family nominee Yong Hye-in. The People Power Party argued that Kim's presence was essential to scrutinize the Blue House's personnel verification system.
The People Power Party's plans to investigate allegations of lobbying for a new drug by Genensel through the Health and Welfare Committee have also been thwarted, as the Democratic Party rejected witness requests related to the drug lobbying allegations. Conducting a proper audit without representatives or brokers from Genensel is expected to be challenging.
As a result, the Political Affairs, Operations, and Welfare Committees are likely to conduct audits focused more on political conflict than on policy verification. The People Power Party may determine that it is better to highlight related issues through political strife rather than proceed with an audit lacking key witnesses.
In contrast, the Legislative Judiciary Committee's approval of Choi Hee-dae as a witness is expected to lead to a direct confrontation between the ruling and opposition parties over constitutional powers such as the appointment, recommendation, and consent rights of Supreme Court justices. The two parties have already clashed fiercely over the appropriateness of calling the Supreme Court Chief Justice as a general witness during the witness list approval process.
Typically, the Supreme Court Chief Justice leaves after making an opening statement during the National Assembly audit. However, since Choi stated, "I will address this during the National Assembly audit" regarding the rejection of the re-nomination of Supreme Court Justice Son Bong-ki, there is a possibility that Choi will engage directly with ruling party lawmakers.
The Education Committee, led by the People Power Party, has approved Sung Yoon-seok, CEO of Yuhwa Application, as a witness. Committee members plan to question him about the issues surrounding the application system for the 2027 college admissions early application process.
Meanwhile, the People Power Party is expected to pressure the Democratic Party for witness approvals leading up to the comprehensive audits conducted by each standing committee at the end of this month. As long as a summons request is delivered seven days before the attendance date, the obligation to appear is triggered, indicating that intense negotiations will likely continue until mid-month.
* This article has been translated by AI.
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