Lee Eokwon Responds to Criticism Over Focused U.S. Stock Investments: "For Market Experience"

Lee Eokwon Defends U.S. Stock Investments at Confirmation Hearing
Explains Income as Outside Director, Vows to Reflect on Public Expectations

Lee Eokwon, nominee for chairman of the Financial Services Commission, responded to criticism from the National Assembly on September 2 regarding the appropriateness of the future head of the financial authorities focusing investment not on the domestic stock market but on the U.S. stock market. He explained, "It was to gain market experience." Regarding the fact that he earned 620 million won in income over several years by serving as an outside director at various companies, including LF and CJ Logistics, after retiring from public office, he said, "I need to reflect on whether this was appropriate from the public's perspective."

At the confirmation hearing held by the National Assembly's Committee on Economy and Finance that day, Lee responded to a question from Assemblyman Kim Sanghoon of the People Power Party, who asked, "The nominee for the head of the financial authorities is heavily investing in high-quality overseas stocks such as Tesla, Strategy, and Nvidia. If the head is focusing on the U.S. stock market rather than the domestic market, who will invest in KOSPI?" Lee answered, "During my time in public office, I could not invest in stocks. After leaving public office, I sought to gain market experience and see how the stock market operates."

He further explained, "The investment was made to observe how the market works and to understand investor sentiment. I invested a total of 70 million won in stocks, with 11 million won in the U.S. market and the rest in domestic stocks. I also invested in exchange-traded funds (ETFs)." He acknowledged concerns about the optics of the head of the financial authorities investing in overseas stocks while advocating for a KOSPI 5000 era, reiterating that his intention was to learn how the market operates and gauge investor sentiment.

Lee Eokwon, nominee for the Financial Services Commission chairman, is talking with officials at the confirmation hearing held by the National Assembly's Committee on Economy and Finance on September 2, 2025. Photo by Kim Hyunmin

According to Lee's written answers submitted to the committee in advance, his total stock holdings amount to 71.26 million won. Of this, his direct investment in domestic stocks consists solely of shares in Doosan Enerbility. The remainder is invested in U.S. companies: 5.42 million won in Strategy, 4.71 million won in Tesla, and 2.52 million won in Nvidia.

Lee also addressed criticism that he received high income by serving as an outside director at multiple companies, including LF, CJ Logistics, and the asset management company 3Pro E-Broadcasting, after retiring from public office. He stated, "I went through review by the Public Officials Ethics Committee," and emphasized, "It was not done simultaneously." He added, "I was no longer a public official and had entered the market, and the compensation I received as an outside director was not higher than that of others."

However, in response to Assemblyman Min Byungdeok of the Democratic Party of Korea, who pointed out that Lee earned a total of 620 million won, or about 200 million won per year, over three years as an outside director at several companies, Lee replied, "When considering the amount from the public's perspective, I need to reflect on whether it was appropriate."

Lee further explained, "After leaving public office, I considered what activities I could pursue, but due to a three-year employment restriction, I could not take on any full-time positions. While in public office, I was advised to understand the field and learn about companies, so I took these opportunities when they arose." In response to Assemblyman Min's remark that such practices by former high-ranking officials negatively affect public sentiment and that, as the head of the financial authorities, he should be particularly mindful, Lee added, "I will make sure that nothing improper occurs."