Asked why concentrated investment in U.S. stocks… Lee Eok-won "To understand retail investor sentiment"

Confirmation Hearing for Lee Eok-won, Nominee for Financial Services Commission Chair

Cited "market experience" as reason for holding foreign stocks

Lee Eok-won, the nominee for Financial Services Commission chair, explained at the National Assembly's Standing Committee on Political Affairs confirmation hearing on the 2nd that his holding of foreign stocks was "an investment for market experience."

On the day, in response to People Power Party lawmaker Kim Sang-hoon's question about his holdings of foreign stocks, Lee said, "I didn't engage much in stocks during my public service," and "I went out to gain market experience to see how the stock market works."

Lawmaker Kim Sang-hoon of the People Power Party pointed out to the nominee, "You concentrated investments in top U.S. stocks like Tesla, Strategy, and Nvidia," and asked, "Who would invest in KOSPI when you focus on the U.S. market rather than the domestic market?" He added, "In a government that says it will usher in a 'KOSPI 5000 era,' it's not a good look for a candidate for the head of the Financial Services Commission."

According to the confirmation hearing request submitted to the National Assembly earlier, the nominee's stock and fund investments totaled 71.26 million won.

For domestic market investments, the investment weight was high in ETFs such as 'KODEX Leverage,' which tracks the KOSPI 200 index at 2x, and 'SOL Shipbuilding TOP3 Plus.'

Except for Doosan Enerbility, the individual stock portfolio was concentrated in U.S. stocks such as Strategy, Tesla, and Nvidia.

The nominee explained, "I wanted to see how the market works and what investor psychology is like," adding, "I invested a total of 70 million won in stocks, of which 11 million won was invested in U.S. stocks and the rest was invested in the domestic market in the form of ETFs, etc."

Shin Min-kyung, Hankyung.com reporter radio@hankyung.com