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,” Sen. Sherrod Brown, who came to the presidency on Thursday, as a growing number of lawmakers criticized measures to curb Reddit-fueled trades. in companies like GameStop Corp.
“People on Wall Street only care about the rules when they’re hurt. “American workers have known for years that the Wall Street system is broken. They have been 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 criticizing platforms such as Robinhood Markets Inc. to limit the trading of some shares, saying that it unfairly disadvantages ordinary people who should be allowed to trade as freely as hedge funds.
Progressives, including Rep. Alexandria Ocasio-Cortez and Sen. Elizabeth Warren, as well as Senate Banking Republican Pat Toomey, said the moves deserve tighter regulatory control. House Speaker Nancy Pelosi said the trades were “interesting” and said relevant agencies should look into the matter.
Toomey, who is about to become the top Republican on the Senate Banking Committee, said he is concerned about Robinhood and other platforms blocking businesses.
“I find it very disturbing that a platform suddenly freezes investors,” Toomey said. “People should be free to make the investment decisions they choose.”