PPP lawmakers on financial committee push for parliamentary investigation into single-stock leveraged ETF rollout

People Power Party lawmakers on the National Assembly's Financial Affairs Committee are pushing to demand a parliamentary investigation into the introduction of single-stock leveraged exchange-traded funds.

Committee members, including PPP floor whip Seo Il-jun, held a press conference Thursday morning at the National Assembly's communication hall, saying the controversy "cannot be put to rest by the resignation of former Cheong Wa Dae policy chief Kim Yong-beom."

"The public is asking who created this policy, who pushed it through, whether risks were adequately reviewed and investor protections were in place, and what reports and instructions passed between Cheong Wa Dae and financial regulators," the lawmakers said.

They also raised allegations that the son of former policy chief Kim and the son of Financial Supervisory Service Governor Lee Chan-jin are both employed at Mirae Asset Global Investments, and that Kim met with the Mirae Asset chairman. "Given that those involved in the policy line that introduced single-stock leveraged ETFs held positions of influence, we must clearly determine whether any conflicts of interest arose in the decision-making process," they said.

The lawmakers described the situation as an "ETF gate" putting the public's wealth and the credibility of capital markets at stake, and urged Kim to "appear as a witness before a parliamentary investigation and explain the various allegations directly to the public."

On the question of appointing a special prosecutor, they said they would pursue that route "if serious illegal or unlawful conduct is confirmed," linking any such move to the outcome of the parliamentary investigation.

Speaking to reporters after the press conference, Seo said he would "consult with the floor leadership on forming a parliamentary investigation."

Asked whether the Democratic Party of Korea would agree, Seo said, "If a parliamentary investigation is not held, even greater suspicions will arise," adding, "There is no reason for the Democratic Party to refuse."

On the allegations surrounding the meeting between Kim and the Mirae Asset chairman, Seo said, "Additional tips are coming in, and we will disclose them when we reconvene."