Cheong Wa Dae announced on the 1st that Policy Office Chief Kim Yong-beom submitted his resignation on the 31st, and President Lee Jae Myung accepted it on the 1st. Amid growing criticism of government policies, including real estate, due to sharp fluctuations in the stock market and a continued decline in approval ratings, reports emerged that Chief Kim had expressed his intent to resign. This marks the first resignation of a senior secretary-level official in the current administration.
Chief Kim had led the introduction of single-stock leveraged exchange-traded funds (ETFs), which were cited as a cause of the stock market volatility, as well as the recent controversial real estate policies, Yongsan Park development, and tax reform proposals that included differentiated basic deductions for comprehensive real estate tax on non-resident single-homeowners. Opposition parties had long raised the “Kim Yong-beom responsibility theory,” and recently even within the ruling party, voices emerged calling for someone to take responsibility for the president’s and the party’s declining approval ratings, specifically targeting Chief Kim.
Cheong Wa Dae had previously stated that replacing Chief Kim was not under consideration. Factors such as the risk of policy failure blame being directed toward Cheong Wa Dae and ongoing U.S. investment negotiations—led by Chief Kim since last year, which have yet to announce the first major deal—were cited as reasons for hesitating to replace him.
However, as the approval rating decline persisted due to policy failures, it became clear that a rebound would be difficult without Chief Kim’s resignation. While President Lee attempted to refresh the atmosphere on the 30th by replacing Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol, Minister of Land, Infrastructure and Transport Kim Yun-duk, and others, there was growing resentment within the ruling party and public official circles that Chief Kim, who held the key to policy decisions, was not included in the reshuffle. This sentiment reportedly became the catalyst for his resignation.
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