The CEO of Robinhood, representatives from major financial regulators and some of the forces behind the GameStop stock frenzy are scheduled to participate in the House Financial Services Committee hearing on the Reddit-driven stock rally, according to a preliminary plan obtained by The Hill.
The Financial Services hearing, set for Feb. 18, will be split into two panels: one featuring government and industry investment regulators, and the other focused on the businesses and investors central to last week’s stock market chaos.
The tentative plan for the hearing is not locked in yet, but would begin with a panel including representatives from the Securities and Exchange Commission (SEC); the Financial Industry Regulatory Authority (FINRA), the securities industry’s self-funded internal regulator; and the Depository Trust and Clearing Corp. (DTCC), the clearing house used by Robinhood to finalize stock transactions conducted on its platform.
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A second panel would include Robinhood CEO Vlad Tenev, representatives from financial industry trade groups, and a Reddit executive.
House Financial Services Committee Chairwoman Maxine Waters
Maxine Moore WatersLawmakers remember actress Cicely Tyson Lawmakers rip Robinhood's decision on GameStop Robinhood faces backlash from both parties for limiting trades MORE (D-Calif.) confirmed in a Thursday interview with Cheddar that she wanted Tenev to testify, along with representatives from GameStop and Reddit. She also said she wanted Keith Gill, a prominent Reddit trader behind the GameStop rally, to appear before the committee, but added that some invitees have not yet responded.
The Hill has reached out to spokespeople for Waters and Rep. Patrick McHenry
Patrick Timothy McHenryOn The Money: Five questions about the GameStop controversy | Biden, Yellen call for swift action on new aid Lawmakers highlight need for financial literacy to improve credit The Hill's Morning Report - Biden argues for legislative patience, urgent action amid crisis MORE (N.C.), the top Republican on the Financial Services panel, for comment. Robinhood declined to comment.
Waters announced the House hearing last week, saying it would "examine the recent activity around GameStop (GME) stock and other impacted stocks with a focus on short selling, online trading platforms, gamification and their systemic impact on our capital markets and retail investors."
– Alex Gangitano contributed
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