Robinhood CEO, representatives of top financial regulators and some of the forces behind the GameStop stock frenzy plan to participate in the House Financial Services Committee hearing on the Reddit-driven stock rally, according to a preliminary plan obtained by The Hill.
The financial services hearing, scheduled for Feb. 18, will be split into two panels: one with government and industry investment regulators and the other focused on business and central investors in last week’s stock market chaos .
The provisional plan of the hearing is not yet blocked, but would begin with a group that will include representatives of the Securities and Exchange Commission (SEC); the Regulatory Authority of the Financial Industry (FINRA), the self-financed internal regulator of the securities industry; and the Depository Trust and Clearing Corp. (DTCC), the clearing house used by Robinhood to complete stock transactions made on its platform.
A second group would include Robinhood CEO Vlad Tenev, representatives of financial industry business groups and a Reddit executive.
Chair of the House Financial Services Committee Maxine Waters
Maxine Moore’s lawyers recall that actress Cicely Tyson, a lawmaker, is ripping off Robinhood’s decision on GameStop. (D-California) confirmed in an interview Thursday with Cheddar that he wanted Tenev to testify, along with GameStop and Reddit representatives. He also said he wanted Keith Gill, a major Reddit marketer behind the GameStop rally, to appear before the committee, but added that some guests have yet to respond.
The Hill has contacted Waters and Rep. Patrick McHenry
Patrick Timothy McHenry: Money: Five Questions About the GameStop Controversy | Biden and Yellen call for quick action on new aid Lawmakers stress need for financial literacy to improve credit The Hill’s Morning Report – Biden defends legislative patience and urgent action amid crisis MORE (NC), the top Republican on the Financial Services panel, to comment. Robinhood declined to comment.
Waters announced the House hearing last week, saying it will “examine recent activity around GameStop (GME) shares and other affected stocks with a focus on short-term selling, trading platforms in line, gamification and its systemic impact on our capital markets and retail investors. “
– Contributed Alex Gangitano