The GameStop hearing will probably feature political fury from all sides.
Hearings about the recent GameStop trading frenzy will be held until noon House Committee on Financial Services, Will likely feature populist fury directed at both popular trading app Robinhood and short sellers, which target video retailers.
Representative Alexandria Ocasio-Cortez, a New York Democrat and a member of the financial services panel that is hearing, called Robinhood’s decision “unacceptable” amid a frenzy to stop some of GameStop’s trades. Representative Rashida Talib of the Michigan Democrat, who is also on the committee, called the decision “beyond absurd” and accused the app of “blocking the ability to trade to protect hedge funds.”
Disappointment with Robinhood and hedge funds Refers to the national backlash Against the power of the country’s largest corporations. Over the past decade, a growing number of lawmakers from both political parties have alleged that US business has failed its constituents, instituting a political reimbursement from Wall Street to Silicon Valley.
Anger against Robinhood is bipartisan. Republican Senator Ted Cruz of Texas shared Ms. Ocasio-Cortez’s comments in the agreement in January. Republican Senator Marsha Blackburn of Tennessee said in her tweet, “Free the merchants on @RobinhoodApp.”
Return in the afternoon for video and live coverage of the hearing.