President Lee: "There Were Shortcomings in Introducing Leveraged ETFs... Policy Chief Appointment Still Under Consideration"

[Financial News] President Lee Jae Myung said on the 18th regarding the introduction of a single-stock leveraged exchange-traded fund (ETF), "It seems there were indeed shortcomings in the policy."
At his seventh press conference since taking office, held that day at the Yeongbingwan State Guest House, President Lee responded to the question by saying, "I wonder whether there may have been some shortcomings in the government's policy."
President Lee said, "I have not grasped the detailed procedures through which the single-stock leveraged ETF was decided," adding, "Someone must have made the decision."
He continued, "I was also briefed at the time about the introduction of leveraged ETFs," and explained the gist of the briefing: "It was said that 'it would help stabilize the foreign exchange market' and 'we should encourage investment domestically.' In principle, those were valid points."
President Lee said, "As I understand it, it is hardly an issue now, but dissatisfaction appears to have grown because people who bought leveraged products at the time suffered heavy losses." He added, "I understand that measures were taken because it had become an issue and there were calls for corrective and supplementary measures."
Asked about the appointment of a new policy chief, he said, "I am still deliberating."
President Lee said, "Until now, I have focused on economic recovery, sustained growth and securing growth engines." He added, "There has been a suggestion that we should now slightly shift the policy focus toward strengthening social policies, which I feel have been quite lacking. I am also deliberating on that point and am looking for a suitable person."
The remarks were interpreted as suggesting that deciding where to place the focus of future government administration is a key criterion in choosing the next policy chief.
The phrase "I Will Pay Closer Attention to the People's Will and Lives" was displayed at the venue. Unlike at previous press conferences, President Lee remained standing as he delivered his opening remarks and took questions, devoting a substantial part of the event to reflecting on the recent administration of state affairs.
[email protected] Choi Jong-geun Reporter