People Power Party to Pursue 'Leveraged ETF Special Counsel' as Official Party Position: "Truth Behind Losses Suffered by 540,000 Investors Must Be Uncovered"

[Financial News] The People Power Party has resolved to pursue a special counsel bill on single-stock leveraged ETFs as an official party position. The party has argued that the process behind the decision to introduce single-stock leveraged ETFs should be investigated through a special counsel probe. The probe is intended to examine allegations that Cheong Wa Dae hastily pushed the measure despite a lack of market demand and without conducting an appropriate risk assessment.
Chung Jeom-sik, floor leader of the People Power Party, held a lawmakers' meeting at the National Assembly of the Republic of Korea on the 29th and said, "Facing an incompetent government and an incompetent president, we must uncover the truth behind the tragedy that caused 54 trillion won in losses for the public through a single-stock leveraged ETF special counsel."
Earlier, President Lee Jae Myung said at a press conference on the 18th, "I have not yet grasped the details of the procedures involved in how the leveraged ETF was decided," adding, "Someone must have made the decision." In response, the floor leader criticized him, saying, "He has consistently blamed others and pretended not to know," and, "What kind of irresponsible president is this?"
He continued, "The special counsel the people need is not a special counsel on the withdrawal of indictments, but a leveraged ETF special counsel for 15 million retail investors. I propose that you, fellow lawmakers, pursue a leveraged ETF special counsel as an official party position." People Power Party lawmakers attending the meeting expressed their agreement with applause.
Chung Jeom-sik also emphasized, "Even if the special counsel bill is scrapped or rejected through the majority party's power, or a veto (request for reconsideration) is exercised, we will ensure its passage, even if it takes the 23rd National Assembly."  
Meanwhile, the People Power Party previously submitted a request for a parliamentary investigation aimed at uncovering the truth behind the introduction of single-stock leveraged ETFs. However, the matter has not been discussed because the Democratic Party of Korea does not share the view that a parliamentary investigation is necessary.

[email protected] Lee Hae-ram Reporter