[2026 Audit] ETF Debate Spills Over to Budget Committee... Ruling Party Says "Political Affairs Issue," Opposition Demands "Submission of Documents"

Opposition Demands Accountability from Lee Hyungil and Kwon Daeyoung
Calls for Ministry of Finance and Economy to Submit ETF-Related Documents
Ruling and Opposition Parties Clash Over U.S. Investment, Including LNG Development

The ruling and opposition parties clashed over the issue of single-asset leveraged exchange-traded funds (ETFs) during the National Assembly's Budget and Economy Committee audit. The People Power Party argued that related documents from the Ministry of Finance and Economy should be submitted, while the Democratic Party of Korea insisted that the matter fell under the jurisdiction of the National Policy Committee.

On the 6th, at the National Assembly's Budget and Economy Committee’s audit session, Deputy Prime Minister and Minister of Finance and Economy Lee Hyung-il is answering members of the assembly's questions. On the right is First Vice Minister Kwon Dae-young. Photo by Yonhap News Agency

On the morning of the 6th, the Budget and Economy Committee held a parliamentary audit of the Ministry of Finance and Economy at the National Assembly in Yeouido, Seoul. At the session, Bae Joon-young, the opposition secretary of the committee from the People Power Party, stated, "Deputy Prime Minister and Minister of Finance and Economy Lee Hyung-il and First Vice Minister Kwon Dae-young both attended a meeting at the Blue House on January 13 this year, presided over by former policy chief Kim Yong-bum, at the time serving as First Vice Minister of Finance and Economy and Vice Chairman of the Financial Services Commission, respectively." He explained, "Afterwards, they, along with key industry figures, reviewed the introduction of ETFs with the top executives of major securities companies and asset management firms." He further asserted, "Even if the Blue House meeting was private, it is necessary to determine the responsibility of these two witnesses."

The People Power Party also demanded the submission of pre-review documents and implementation plans from the Ministry of Finance and Economy, as well as various work-related documents exchanged with the Financial Services Commission. Park Soo-young, a committee member from the People Power Party, said, "Unless it is a matter of national secrecy, any materials requested by the National Assembly should be submitted," and criticized, "The submission of documents by the Ministry of Finance and Economy has been extremely insincere." He further stated, "If this refusal to provide documents continues, the committee must consider strong legal action at its level."

The Democratic Party pushed back, insisting the matter is not within the committee's purview. Oh Ki-hyung, the ruling party secretary of the committee from the Democratic Party, countered, "The authority to supervise the financial market, including leveraged ETFs and related financial products, primarily falls under the National Policy Committee." Regarding the Blue House-related meetings, he noted, "These could also be addressed by the Steering Committee, and since the Steering Committee's audit is still to come, there will be ample opportunity for debate there."

Meanwhile, the committee session also saw debate over U.S.-related investment issues. Lim Yi-ja, a People Power Party lawmaker on the committee, underscored the discrepancies between Korea and the United States regarding the Alaska liquefied natural gas (LNG) development project and the lack of prior reporting to the National Assembly, stating, "If the project turns out to be unviable, it would go against the national interest, and there are no clauses regarding punishment for making promises or for project mismanagement without parliamentary approval." She continued, "This issue could escalate to a parliamentary investigation or even a motion to dismiss the minister."

In response, Yoon Hu-deok, a member of the committee from the Democratic Party, countered, "It is only at the review stage." Chung Tae-ho, another Democratic Party lawmaker, added, "Since it is still under review, a decision has not yet been made regarding the investment. Statements suggesting that U.S. President Donald Trump or Commerce Secretary Howard Lutnick have already decided to invest in Alaska are not accurate."

Deputy Prime Minister Lee expressed his position on both the leveraged ETF and U.S. investment issues, stating, "I regret that we could not resolve the significant losses suffered by individual investors," and "We will only proceed after the commercial viability has been thoroughly verified."

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