Congress Holds Hearing into Stock Freeze

Robinhood CEO Apologizes for stopping customer trading.

The House Financial Services Committee held a hearing on GameStop Thursday. The goal of the gathering was to better understand the events that resulted in the ballooning of the price of GameStop stock, and subsequent actions of consumer stock trading platforms like Robinhood. The CEO of Robinhood apologized for his company’s actions halting trading of the volatile stocks during the height of the frenzy, but also asserted that nothing illegal took place.

“We don’t answer to hedge funds,” Mr. Tenev said. “We serve the millions of small investors who use our platform every day to invest.” However, members of the committee did not see the actions favorably. Representative Carolyn Maloney of New York said, “You reserve the right to make up the rules as you go along, I don’t blame customers for feeling treated unfairly.”

As the Lord Leads, Pray with Us…

  • That God would give House committee members wisdom on the actions to take as a result of the hearings. 
  • For the Lord to guide Congress on any future legislation regarding investments into the stock market. 

Sources: USA Today, NY Times, Washington Post


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