04/03/2021

Robinhood CEO, regulators to testify at Property hearing on GameStop frenzy

The CEO of Robinhood, associates from main financial regulators and some of the forces powering the GameStop inventory frenzy are scheduled to take part in the House Fiscal Providers Committee listening to on the Reddit-driven inventory rally, according to a preliminary strategy attained by The Hill.

The Economic Companies listening to, established for Feb. 18, will be split into two panels: 1 featuring govt and market investment regulators, and the other centered on the organizations and traders central to very last week’s stock current market chaos.

The tentative strategy for the hearing is not locked in still, but would start off with a panel like representatives from the Securities and Trade Fee (SEC) the Money Business Regulatory Authority (FINRA), the securities industry’s self-funded internal regulator and the Depository Have confidence in and Clearing Corp. (DTCC), the clearing house used by Robinhood to finalize inventory transactions carried out on its system.

A second panel would include things like Robinhood CEO Vlad Tenev, reps from financial market trade teams, and a Reddit govt.

Household Economic Companies Committee Chairwoman Maxine WatersMaxine Moore WatersRobinhood CEO, regulators to testify at House listening to on GameStop frenzy Lawmakers try to remember actress Cicely Tyson Lawmakers rip Robinhood’s final decision on GameStop Extra (D-Calif.) verified in a Thursday interview with Cheddar that she wanted Tenev to testify, alongside with representatives from GameStop and Reddit. She also explained she wished Keith Gill, a prominent Reddit trader powering the GameStop rally, to show up in advance of the committee, but extra that some invitees have not still responded.

The Hill has attained out to spokespeople for Waters and Rep. Patrick McHenryPatrick Timothy McHenryRobinhood CEO, regulators to testify at Home hearing on GameStop frenzy On The Dollars: 5 queries about the GameStop controversy | Biden, Yellen connect with for swift motion on new support Lawmakers highlight will need for financial literacy to enhance credit Far more (N.C.), the leading Republican on the Fiscal Companies panel, for comment. Robinhood declined to comment.

Waters declared the Property hearing previous 7 days, declaring it would “examine the recent exercise all over GameStop (GME) stock and other impacted stocks with a concentration on short promoting, on line trading platforms, gamification and their systemic effect on our capital markets and retail traders.”

– Alex Gangitano contributed