Jung Jeomsik on Market Crash: "Bill Comes Due for Reckless Support... Push for NPS Probe"

Jung Jeomsik, floor leader of the People Power Party, said on the 16th regarding the crash in the domestic stock market, "The current situation is a crisis bill coming due after the Lee Jae-myung administration hastily introduced single-stock leveraged exchange-traded funds (ETFs), forcibly postponed the National Pension Service's rebalancing, and recklessly propped up the stock market."

People Power Party floor leader Jeong Jeom-sik delivers opening remarks at a meeting on preparations for the parliamentary audit at the National Assembly on Oct. 16, 2026. Photo by Yoon Dongju

Jung said this at a government audit strategy meeting that morning, adding, "We will continue to uncover the truth about the background and responsibility for the National Pension Service's decision to defer rebalancing, using every available means—not only the parliamentary audit but also a future parliamentary investigation and special counsel investigations."

"The KOSPI's market capitalization is said to have plunged by 1,000 trillion won in the past week," Jung said. "The KOSPI, which once topped 9,000, sank to the 5,500 level in just four months. This is the result of normal conditions being turned abnormal by the Lee Jae-myung administration."

He continued, "If the National Pension Service had followed its principles and gradually reduced its domestic stock holdings through rebalancing early this year, it could instead have bought stocks during the recent KOSPI plunge. Because it failed to rebalance in time, the public's retirement funds were lost, and the losses grew."

Jung said, "As a result of the government's all-out effort to prop up the KOSPI through measures such as deferring rebalancing, introducing leveraged ETFs, and clamping down on real estate, the stock market has become a casino." He added, "Mobilizing the public's retirement funds as the administration's petty cash is a serious crime, and we will uncover the truth using every available means."

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