Opposition party members and National Policy Committee Chairman Yoo Dong-soo consulting on the processing of proposed bills [Seoul=Yonhap News]

On the 3rd, the People Power Party announced, "We will push for a parliamentary investigation to uncover the policy-making process and identify those responsible" regarding the introduction of single-stock leverage exchange-traded funds (ETFs), which have been cited as the cause of the stock market's extreme volatility.

People Power Party members of the National Assembly's National Policy Committee held a press conference at the National Assembly that day and stated, "There are even estimates that the losses incurred by individual investors have reached approximately 54 trillion won."

They argued, "This situation must not be concluded by simply cutting off a 'tail' with the resignation of former Vice Minister Kim Yong-beom," adding, "We must also uncover the roles played by the Blue House, the Office for Government Policy Coordination, the Financial Services Commission, and the Financial Supervisory Service, as well as the extent to which these matters were reported to the President and what instructions were given."

They further added, "We will clearly uncover the policy-making process and accountability through a parliamentary investigation, and if any serious illegalities or unlawful acts are confirmed, we will also push for a special prosecutor."

Accordingly, Representative Seo Il-jun, the ranking opposition member of the National Policy Committee, plans to submit a request for a parliamentary investigation on the 4th.