A GameStop store on 14th Street in Union Square is exposed on Thursday, January 28, 2021 in the Manhattan neighborhood of New York. (AP Photo / John Minchillo)
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UPDATED 13:01 PT – Sunday, January 31, 2021
The Biden administration said it will examine the legal discussion surrounding the increase in GameStop’s shares. In an interview with NBC, Biden’s economic adviser, Brian Deese, explained that the White House will investigate possible irregularities in an effort to protect the integrity of the economy.
National Economic Council Director Brian Deese spoke during a press conference at the White House on Friday, January 22, 2021, in Washington. (AP Photo / Evan Vucci)
Deese’s sentiment came just days after the SEC also announced plans to investigate major trading firms after the market irregularities that made headlines last week.
“I could say that the SEC is focused on fully understanding what happened here,” said Deese. “Their focus is on protecting retail investors as well as the integrity of the market.”
Last week, GameStop was used as a tool by a group of ordinary investors to fight hedge fund managers who, according to investors, were profiting from the company’s decline.