Ruling party lawmaker calls for dismissal of policy chief, labeling him 'villain' of economy

Jeong Jin-sik, a floor leader for the ruling People Power Party, has called for the dismissal of Kim Yong-beom, the presidential chief of staff for policy, branding him the "villain" of the South Korean economy. In a Facebook post titled "Villain of the Korean Economy, Policy Chief Kim Yong-beom Must Be Dismissed," Jeong asserted that Kim should be fired solely for his role in pushing for the introduction of single-stock leveraged exchange-traded funds (ETFs).

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Policy chief, not 'mistake chief'. President Lee Jae-myung must dismiss Policy Chief Kim.

Jeong argued that Kim's push for these leveraged products was a primary cause of the recent sharp decline in the KOSPI index. He expressed dismay that even within the Democratic Party, there were calls for accountability regarding this issue. "To entrust the task of economic policy to such a person again is a declaration of war against the people," Jeong stated, criticizing Kim for blaming individual investors' tendencies for market volatility instead of acknowledging the policy's flaws.

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Kim should be dismissed solely for pushing for the introduction of single-stock leveraged ETFs.

The lawmaker further accused Kim of consistently demonstrating a lack of competence during his tenure as head of economic policy. Jeong cited Kim's past proposal for an "AI National Dividend" as an example of extreme populism, questioning whether Kim was fit to serve as a policy chief in South Korea or elsewhere. He also recalled Kim's controversial statement in May suggesting that high interest rates, high inflation, and high exchange rates were merely the "costs of success," a remark that drew widespread public anger.

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The government official is making excuses for a wrong policy, but this is the first time I've seen someone shift their mistakes onto the public.

Jeong emphasized Kim's notoriety, stating, "No policy chief in past governments has been as infamous as him." He urged President Lee Jae-myung to dismiss Kim, concluding, "As long as the President relies on Kim, the public will not trust economic policy. The President must choose between Chief of Staff Kim Yong-beom and the people."

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Is this South Korea's policy chief, or Venezuela's?