Main opposition Democratic Party of Korea (DPK) Chairman Rep. Lee Jae-myung, front row fourth from left, poses with CEOs of six major banks and DPK officials during a meeting at the Korea Federation of Banks in central Seoul, Monday. Yonhap

The main opposition Democratic Party of Korea (DPK) is facing heavy criticism for attempting to pressure acting President Choi Sang-mok into approving its key initiatives through threats of impeachment, political observers said Monday.

Chief among these items is a special investigation bill focused on treason charges against President Yoon Suk Yeol.

The main opposition stated that the previously vetoed bill must be approved this time, since the areas of investigation have been reduced from 11 to six. However, the ruling People Power Party claimed Choi should veto once again, given the revised version still allows investigations into any arbitrary cases, unduly expanding the investigative scope to weaken the ruling party.

Also at play is Choi's Jan. 14 veto of DPK-proposed amendment to the Local Education Subsidy Act that would have granted central government funding for free high school education. He said municipal resources should suffice.

Rep. Kim Seung-won of the DPK, a member of the National Assembly's special committee on treason investigation, said Choi should be investigated. The party called him "the co-conspirator in the ongoing political turmoil," ground for impeachment.

An investigation into and potential impeachment of Choi could also lead to a major setback for the country's economy, including a downgrade of its sovereign rating, due to vacancies in the roles of deputy prime minister and finance minister — two of the three major positions he holds.

"The DPK's self-serving influence-peddling attempt is just out of line," a political observer said.

The National Assembly failed to pass three dozen bills related to the public's livelihoods and the economy, hamstrung by the DPK's abrupt refusal to cooperate, according to the observer.

The bills included the use of artificial intelligence in elementary and secondary education, a temporary investment tax credit, a special tax cut for small businesses and the semiconductor industry's growth assistance packages — critically important measures that would reduce uncertainties for businesses and nurture future industries.

"They are clearly irrelevant to political wrangling but are held hostage to advance the political ambitions of the main opposition," he said.

The criticism is in line with the dominant view that the main opposition party seeks to use these bills as campaign pledges, expecting a snap election in the first half of this year.

Further fueling outrage is the party's prioritization of populist bills bolstering its leader, Rep. Lee Jae-myung as its next presidential candidate.

Examples include his renewed move to provide a blanket per capita cash handout of 250,000 won ($172) to the entire population, coupled with a mandatory increase in fiscal spending to back his initiatives.

Cash handouts are widely criticized as ineffective, as indicated by Bank of Korea (BOK) Gov. Rhee Chang-yong.

The BOK head stated last week that an extra budget of up to 20 trillion won could help offset the recent economic downturn, dented by unforeseen political developments.

"The extra budget can help the country identify rebound momentum since the economy remains at below trend growth of 2 percent," Rhee said.

"The sooner the better. Still, a blanket cash handout to the entire population is not the answer. Targeted, limited-scope assistance to the struggling groups of income earners and self-employed is needed."

The DPK chair, meanwhile, met with the heads of the country's top five commercial lenders late Monday to urge them to lower their surcharge — or discretionary — premiums, a much-criticized practice used to defend profit margins even when borrowing costs have dropped due to the BOK's key rate cut.