Sherrod Brown
Photographer: Andrew Harrer / Bloomberg
Photographer: Andrew Harrer / Bloomberg
The Senate Banking Committee will hold a hearing on “the current state of the stock market,” said the new chairman of the board, Senator Sherrod Brown, on Thursday, as an increasing number of lawmakers criticized the measures to contain the fueled negotiations. by Reddit at companies like GameStop Corp.
“People on Wall Street only care about the rules when they are hurting themselves. American workers have known for years that the Wall Street system is broken – they are paying the price, ”Brown said in a statement. “It’s time for the SEC and Congress to make the economy work for everyone, not just Wall Street.”
Although Brown did not announce a date for the hearing, a rare bipartisan collection of lawmakers came together to criticize platforms like Robinhood Markets Inc. for limiting the trading of some shares, saying that it unfairly harms ordinary people who should be allowed to trade as freely as hedge funds.
Progressives, including Representative Alexandria Ocasio-Cortez and Senator Elizabeth Warren, as well as Senate Banking Republican Pat Toomey, said the measures deserve closer regulatory scrutiny. House Speaker Nancy Pelosi called the business “interesting” and said the relevant agencies should look into the matter.
Toomey, who is about to become the top Republican on the Senate Banking Committee, said he is uncomfortable with Robinhood and other platforms that block negotiations.
“I find it very worrying that a platform will suddenly freeze investors,” said Toomey. “People must be free to make the investment decisions they choose.”