President Lee Jae Myung has accepted the resignation of his top policy adviser Kim Yong-beom, Cheong Wa Dae said Tuesday.
Senior presidential spokesperson Kang Yu-jung said Kim, the chief presidential secretary for policy, tendered his resignation Monday and that Lee accepted it the following day.
Kang did not immediately elaborate on the reasons for Kim’s offer to step down.
Kim had served as Lee’s chief policy secretary for roughly 15 months since the administration took office in June 2025, overseeing major policy areas spanning the economy, industry, finances and housing.
His departure follows months of mounting political pressure over a series of economic and financial policy controversies.
Kim faced particularly fierce backlash, as well as a criminal complaint, over the rollout of single-stock leveraged exchange-traded funds tied to Korean chip giants Samsung Electronics and SK hynix. The products launced in late May are designed to deliver multiples of the daily gains or losses of a single stock.
Critics and opposition politicians accused the government of opening the door to highly speculative products that amplify volatility in the domestic stock market and expose individual investors to heavy losses.
Kim also came under fire following the government’s announcement of proposed changes to real estate taxation on Aug. 3, with the main opposition People Power Party arguing that the measures had fueled uncertainty in the housing market and could encourage speculative demand.
The opposition repeatedly called for Kim to step down, arguing that a series of policy missteps had eroded confidence in the administration’s handling of the economy.
Kim’s resignation comes just two days after Lee announced a major Cabinet reshuffle Sunday, replacing six ministers, including those overseeing finance and the economy and land, infrastructure and transport.
The moves marked a reorganization of Lee’s economic policy team at a delicate juncture, as the government grapples with high interest rates, persistent inflation and a weak won while seeking to stabilize the housing market through expanded supply and tax measures.
dagyumji@heraldcorp.com