Jung Jeom-sik, the floor leader of the People Power Party, announced plans to pursue a national investigation and special prosecution to clarify the reasons and responsibilities behind the delay in rebalancing the National Pension Fund.
During a National Assembly audit strategy meeting on the 16th, Jung stated, "The failure to rebalance in a timely manner has prevented us from responding actively in a declining market, resulting in greater losses for the public's retirement funds."
He pointed to the recent circuit breaker triggered in the KOSPI and KOSDAQ markets and the 1 trillion won drop in KOSPI market capitalization over the past week, labeling it a consequence of the Lee Jae-myung administration's "abnormal normalization."
Jung attributed the recent stock market crash to the hasty introduction of single-stock leveraged exchange-traded funds (ETFs) and the delay in rebalancing the National Pension Fund, which he argued has hindered the market's ability to defend itself during this downturn. He specifically noted that the National Pension Fund's decision to postpone rebalancing kept its domestic stock holdings excessively high, ultimately blocking any potential defense against the market's decline.
"In July, during the stock market crash, the National Pension Fund lost 181 trillion won," Jung emphasized, adding, "We will utilize all means, including the National Assembly audit and future national investigations and special prosecutions, to uncover the truth behind the delay in rebalancing the National Pension Fund."
Jung also criticized the remarks made by the head of the Legislation and Judiciary Committee, Jo Won-cheol, who described the presidential recommendation of Supreme Court justices as "a kind of recommendation and suggestion." He called this a classic example of misinterpretation of the law. Jung argued that if the president's recommendation is seen as a constitutional duty, it would allow the president to effectively choose justices at will, which he deemed a violation of the separation of powers and unconstitutional.
He further referenced the historical anecdote of the Qin dynasty's minister Zhao Gao, who insisted that a deer was a horse, stating, "Jo is now arguing that unconstitutionality is a constitutional duty. If Zhao Gao saw Jo, he would have turned away, saying, 'There is a more vicious minister than me.'"
During a National Assembly audit strategy meeting on the 16th, Jung stated, "The failure to rebalance in a timely manner has prevented us from responding actively in a declining market, resulting in greater losses for the public's retirement funds."
He pointed to the recent circuit breaker triggered in the KOSPI and KOSDAQ markets and the 1 trillion won drop in KOSPI market capitalization over the past week, labeling it a consequence of the Lee Jae-myung administration's "abnormal normalization."
Jung attributed the recent stock market crash to the hasty introduction of single-stock leveraged exchange-traded funds (ETFs) and the delay in rebalancing the National Pension Fund, which he argued has hindered the market's ability to defend itself during this downturn. He specifically noted that the National Pension Fund's decision to postpone rebalancing kept its domestic stock holdings excessively high, ultimately blocking any potential defense against the market's decline.
"In July, during the stock market crash, the National Pension Fund lost 181 trillion won," Jung emphasized, adding, "We will utilize all means, including the National Assembly audit and future national investigations and special prosecutions, to uncover the truth behind the delay in rebalancing the National Pension Fund."
Jung also criticized the remarks made by the head of the Legislation and Judiciary Committee, Jo Won-cheol, who described the presidential recommendation of Supreme Court justices as "a kind of recommendation and suggestion." He called this a classic example of misinterpretation of the law. Jung argued that if the president's recommendation is seen as a constitutional duty, it would allow the president to effectively choose justices at will, which he deemed a violation of the separation of powers and unconstitutional.
He further referenced the historical anecdote of the Qin dynasty's minister Zhao Gao, who insisted that a deer was a horse, stating, "Jo is now arguing that unconstitutionality is a constitutional duty. If Zhao Gao saw Jo, he would have turned away, saying, 'There is a more vicious minister than me.'"
* This article has been translated by AI.
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