The People Power Party Presses Ruling Camp on Stock and Real Estate Missteps... Policy Chief Position Remains Vacant

Controversy Over Leveraged ETFs and Real Estate Tax Reform

Heightened Opposition Offensive Focused on Economic Policy

Concerns About Weakened Response Amid Delays in Appointment of Policy Committee Chairman

The People Power Party is stepping up its offensive against the ruling party, focusing on major economic issues such as real estate tax reform and sharp fluctuations in the stock market. As government policies have repeatedly courted controversy, the points of attack for the opposition have also increased. However, there are concerns that the party's response capability is being weakened because the position of policy committee chairman—who is to oversee the party’s policy offensive against the ruling camp—has remained vacant for two months.

Jeong Jeongsik, floor leader of the People Power Party, criticized the government during the floor countermeasure meeting on the 11th for its decision to completely reconsider the proposed amendments to the Individual Savings Account (ISA) system and the so-called "Stock Price Suppression Prevention Act." He said, "After hastily presenting a tax reform plan, the government reversed its policy as public backlash grew." He went on to emphasize, "Maintaining policy consistency is crucial to building public trust in the government."

Jeong Jeongsik, floor leader of the People Power Party, is speaking at the floor strategy meeting held at the National Assembly on the 11th. Photo by Yonhap News Agency

The People Power Party has recently concentrated its offensive on the issue of single-stock leveraged exchange-traded funds (ETFs). After personal investors who bought these products suffered major losses and controversy arose over increased market volatility, the party has called for a parliamentary investigation and a special prosecutor to clarify the product’s introduction process and identify those responsible for the policy.

The tax reform plan, announced on August 3, is another central target of criticism. The People Power Party warns that the strengthened comprehensive real estate tax and capital gains tax burdens could reduce housing supply and pass tax burdens on to tenants, thereby destabilizing the monthly rent and lease market. In particular, party leader Jang Donghyeok criticized this as "a scam against the public," pointing out that it contradicts President Lee’s pledge during the presidential campaign not to control real estate prices through taxation.

The problem is that the opposition’s policy command tower is missing at a time when it should be responding swiftly to the government and ruling party's missteps. The appointment of a policy committee chairman has been delayed due to differences between the party leader and the floor leader. A party official pointed out, "If the absence of the policy committee chairman—one of the party’s four top positions—continues, our offensive against the ruling party could lose momentum," adding, "It’s like having ammunition at the ready, but no main gunner in place."

This content was produced with the assistance of AI translation services.