Robinhood’s chief executive officer, representatives of key financial regulators and some of the forces behind the GameStop stock market have been involved in the House Financial Services Committee’s preliminary hearing on the Reddit – driven House plan. shares.
The financial services hearing, which takes place on 18 February, will be divided into two panels: one with government and industrial investment regulators, and the other focuses on the businesses and investors who are central to the chaos in the stock market.
The preliminary plan for the trial has not yet been finalized, but would begin with a panel of representatives from the Securities and Exchange Commission (SEC); the Financial Industries Regulatory Authority (FINRA), the self-financed internal regulator of the security industry; and the Depository Trust and Clearing Corp (DTCC), the clearing house used by Robinhood to complete stock transactions executed on its platform.
A second panel will include Robinhood CEO Vlad Tenev, representatives of the financial industry groups, and a Reddit CEO.
Chairman of the Financial Services Committee Maxine Waters
Maxine Moore Waters Lawyers Remember Actress Cicely Tyson Lawmakers Shake Robinhood’s Decision on GameStop Robinhood in the Face of Both Parties’ Reversal Because They Trade More. (D-Calif.) Confirmed in a Thursday interview with Cheddar that she wants Tenev to testify, along with representatives of GameStop and Reddit. She also said she should have Keith Gill, a prominent Reddit retailer behind the GameStop protest, appear before the committee, but added that some invitees have not yet responded.
The Hill reached out to spokesmen for Waters and Rep. Patrick McHenry
Patrick Timothy McHenryOn The Money: Five Questions About the GameStop Controversy | Biden, Yellen calls for swift action on new aid Legislators stress the need for financial literacy to improve credit The Hill’s Morning Report – Biden calls for legislative patience, urgent action in the midst of a crisis. (NC), the top Republican on the financial services panel, for comment. Robinhood declined to comment.
Waters announced the trial last week and said it would examine recent activities around GameStop (GME) shares and other affected stocks, focusing on short selling, online trading platforms, gamification and their systemic impact on our capital markets and retail investors. “
– Alex Gangitano contributed