
In his speech as representative of the negotiation group, People Power Party floor leader Jeong Jeong-sik reaffirmed his position on the impossibility of amending the Constitution and presented major pledges such as reinstating the right to supplementary investigation, conducting a government investigation and special prosecutor regarding losses in single-stock leveraged ETFs, abolishing regulations on private redevelopment and reconstruction, expanding housing support for young people and newlyweds, and seeking ways to secure nuclear deterrence through the sharing of ROK-US nuclear weapons and redeployment of tactical nuclear weapons.
AI-generated summary
Jeong Jeong-sik, floor leader of the People's Power Party, protested against the Democratic Party of Korea's push for constitutional amendment through a speech as representative of the negotiating group and presented the party's policy direction and points of criticism. This is interpreted as a direct rebuttal to Democratic Party leader Kim Min-seok's announcement the previous day that he would push for a realistic constitutional amendment.
Speech by the representative of the first negotiating group: “We will restore the right to supplementary investigation… ETF, special prosecution must be carried out.”
“Abolition of private redevelopment and reconstruction regulations… clear revision of the scope of negotiation in the Yellow Envelope Act”
“We are seeking ways to secure nuclear deterrence, such as sharing nuclear weapons and redeploying tactical nuclear weapons between Korea and the United States.”
(Seoul = Yonhap News) Reporter Lee Jeong-hyeon = On the 8th, People Power Party floor leader Jeong Jeong-sik declared, “There will be no constitutional amendment under this administration,” and “We will never discuss constitutional amendment with forces that clearly commit unconstitutionality and seek private interests through constitutional amendment.”
In a speech by the representative of the negotiation group at the regular National Assembly on this day, floor leader Jeong said, "The president also mentioned the constitutional amendment to the two-term system. However, he never said, 'I will not seek a second term' or 'I will be tried'. Is it his intention to extend the term by amending the constitution and delay the trial through this?"
The day before, Kim Min-seok, leader of the Democratic Party of Korea, said in a speech as head of the negotiating group that he would push for a realistic constitutional amendment that reflects the changes of the times and the demands of the people. This is interpreted as a direct rebuttal to this.
Floor leader Jeong said, “The current government and ruling party’s No. 1 national task is to erase the president’s own sins,” and criticized, “Are they even using the constitutional amendment as a tool to erase their own sins?”
He then presented his main pledge, saying, “The People Power Party will take a completely different path from the Democratic Party.”
First, regarding the violation of suffrage rights during the June 3 local elections due to a shortage of ballot papers, floor leader Jeong said, "We will properly monitor the careless and arrogant National Election Commission," and added, "We will completely abolish the pre-election system, which cannot be managed, and consider extending the main voting period."
Regarding the abolition of the prosecution's supplementary investigative authority scheduled for October, he criticized, "The Democratic Party ended up opening the gates of hell out of hatred and revenge against the prosecution and greed for votes at the national convention," and "Distortion of the judicial system will lead to poor investigation, and poor investigation will lead to suffering for the people."
At the same time, he emphasized, "We will protect the safety of the people. We will restore the broken public order first," and "We will revive the power of supplementary investigation."
Regarding the real estate issue, floor leader Jeong said, "The president captured the people, not real estate. When he was a candidate, the president pledged not to capture real estate through taxes, but after coming to power, the policy is the complete opposite. 'Fraud of promises.'" He also pointed out regarding jeonse, "Why are you not allowing the younger generation to enjoy the benefits of the system that we enjoyed?"
He continued, "We will protect the people's housing ladder. We will begin by abolishing regulations on private redevelopment and reconstruction to increase housing supply. We will ensure that people who own one home per household do not have to worry about taxes," and added, "We will reduce the acquisition tax for the first home of young people and newlyweds and support ultra-low interest loans."
Regarding the single-stock leveraged exchange-traded fund (ETF), which was pointed out as the cause of the 'Roller KOSPI', floor leader Jeong said, "Investment losses are estimated to range from 54 trillion won to more than 56 trillion won," and added, "There should be a government investigation as well as a special investigation. We need to fully reveal whether there was pressure from the powerful in introducing the product, whether that pressure was the arbitrariness of former policy chief Kim Yong-beom or a separate superior, and why it was launched right before the local elections." emphasized.
Regarding the government-led investment in the Honam semiconductor cluster, floor leader Jeong described it as "the worst corporate plunder" and "kidnapping of conglomerates" and criticized, "It was a blitzkrieg aimed at electing and defeating specific people at the Democratic Party National Convention."
Afterwards, when the Yellow Envelope Act (Amended Trade Union Act) became an obstacle, the decision to apply the dispute standards as enforcement guidelines was pointed out as the "Yellow Rubber Band Act" and promised, "The People Power Party will revise the Yellow Envelope Act to clearly define the user nature of the main office and the scope of negotiation."
Floor leader Jeong also pointed out the expansionary fiscal policy amidst the increase in national debt, saying, "It's like trying to put out a fire by pouring gasoline. It's not a response to the future, it's plundering the future," and added, "We will protect the nation's finances. If we generate excess taxes, we will first pay off the national debt and not pass the debt on to future generations."
He added, "We will strengthen the independence and expertise of the National Pension Fund Management Committee to block government intervention and enable it to be operated based on the principles of profitability and safety. We will also abolish the reduction in old-age pension based on earned income."
Regarding diplomacy and security issues, floor leader Jeong said, "We will seek ways to secure nuclear deterrence in response to North Korea's provocations through nuclear sharing between South Korea and the United States, redeployment of tactical nuclear weapons on the Korean Peninsula, and training to load tactical nuclear weapons on F-35 fighter jets."
Regarding North Korea policy, he criticized, "The route of subservience to North Korea started as a fraud against the people and ended as a hostage-taking of the people," and regarding national defense policy, he mentioned the disbandment of the counterintelligence agency and integration of military academies, and said, "The more the defense system rots from within, the more the only person who cheers is North Korea's Kim Jong-un."
AI outlook — possibilities, not facts
Legislative attempts to revive supplementary investigative rights will be made in the National Assembly.
Likely · Within months
A request for a government investigation and special prosecutor into single-stock leveraged ETF losses will be officially filed.
Possible · Within months
A policy to expand housing supply, including the abolition of private redevelopment and reconstruction regulations, will be adopted as the party line.
Likely · Within weeks

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