- Democratic Reps. Alexandria Ocasio-Cortez and Rashida Tlaib on Thursday called on Congress to investigate Robinhood after the trading app—which helped amateur investors in what progressives described as a lesson in the “absurdity” of capitalism—stopped allowing users to purchase stock in the video game retailer and others.
- “This is unacceptable,” said Ocasio-Cortez (D-N.Y.), a member of the House Financial Services Committee. “We now need to know more about Robinhood’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit,” Ocasio-Cortez noted, adding that she would support a hearing if necessary.
- Tlaib (D-Mich.) called Robinhood’s actions “absurd,” and echoed her colleague’s demand for “a hearing on Robinhood’s market manipulation.” Tlaib stated, “They’re blocking the ability to trade to protect Wall St. hedge funds, stealing millions of dollars from their users to protect people who’ve used the stock market as a casino for decades.”
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Categories: Business, Government
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