Sherrod Brown
Photographer: Andrew Harrer / Bloomberg
Photographer: Andrew Harrer / Bloomberg
The senate’s banking committee will hold a hearing on ‘the current state of the stock market’, incoming chairman Senator Sherrod Brown said on Thursday as an increasing number of lawmakers crack down on actions to curb Reddit-powered industries in companies such as , criticize. GameStop Corp.
‘People on Wall Street only care about the rules when they get those who get hurt. “American workers have known for years that the Wall Street system has been broken – they are 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.”
While Brown has not announced a date for the trial, a rare two-party collection of lawmakers along with platforms such as Robinhood Markets Inc. for restricting the trading of some shares and saying that it unfairly harms ordinary people who should be allowed to trade as freely as hedge funds.
Progressive people, including Representative Alexandria Ocasio-Cortez and Senator Elizabeth Warren, as well as Republican Senate Banking Pat Toomey, said the moves deserve a closer look at the regulations. House President Nancy Pelosi called trades ‘interesting’ and said the agencies involved should investigate the issue.
Toomey, who plans to become the leading Republican on the Senate Banking Committee, said he was upset by Robinhood and other platforms blocking trade.
“I find it very disturbing that a platform would suddenly freeze investors,” Toomey said. “People need to be free to make the investment decisions they choose.”