Hyungil Lee: "Family's ETFs Are Index-Tracking Products... No Conflict of Interest"

Confirmation Hearing for Deputy Prime Minister and Finance Minister Candidate Hyungil Lee
Lee: "Details of Leveraged ETF Policies and Fund Committee Meetings Remain Confidential"

Hyungil Lee, nominee for Deputy Prime Minister and Minister of Finance and Economy, dismissed suspicions about a potential conflict of interest between his family's investment in exchange-traded funds (ETFs) and the National Pension Service's decision to increase its domestic stock investment ratio, stating, "These are index-tracking products, not individual stocks, so there is no conflict of interest."

At the parliamentary confirmation hearing on the 15th, in response to a question from Ahn Sanghoon, a lawmaker from the People Power Party, regarding the family's ETF investment profits, Lee commented, "The products we hold are ETFs that track the overall index, not individual stock issues," and added, "They have been held for a long time and have no relation whatsoever to the matters discussed in the Fund Management Committee."

Hyungil Lee, Deputy Prime Minister and Minister of Finance and Economy nominee, attended the confirmation hearing held at the National Assembly on the 15th and responded to lawmakers' questions. 2026.09.15 Photo by Dongjoo Yoon

Previously, Assemblyman Ahn asserted that Lee, during his tenure as Vice Minister of Economy and Finance, was involved in introducing single-stock leveraged ETFs and the process of raising the National Pension Service's domestic equity investment ratio. He pointed out that after these policy decisions, the domestic stock market rose significantly, and Lee’s family gained about 350 million won in investment profits over the past six months.

Assemblyman Ahn referenced a closed-door meeting convened shortly before the legislative notice for single-stock leveraged ETFs, presided over by Kim Yongbeom, policy chief in the presidential office, who brought together government officials and industry stakeholders. He questioned, "Did you voice opposition during that meeting?" Lee replied, "Regarding the meeting hosted by the Blue House, participants and key contents are not being made public," evading a detailed response.

The debate continued over the increase in the National Pension Service's domestic stock investment ratio. Assemblyman Ahn, noting that Lee attended the Fund Management Committee during his tenure as vice minister, pressed further: "As the representative of the economic ministries, did you object to raising the domestic equity target ratio?"

Lee answered, "Because this is an issue that could have a significant impact on financial market stability, the Fund Management Committee at the time voted to keep the meeting minutes non-public for four years," adding, "I cannot disclose what was discussed at the meeting." He further explained, "I understand that before the meeting, the opinions of experts, market conditions, and the fund's financial situation were comprehensively reviewed."

In response, Assemblyman Ahn criticized, "When the National Assembly inquires about important policy decisions and matters involving taxpayer money, why is everything being obscured under the guise of non-disclosure?" He went on to demand the submission of materials regarding the experts who provided opinions and the content of their reviews during the process of expanding the domestic stock portion of the pension fund's portfolio.

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