The executive director of Robinhood, representatives of major financial regulators and some of the forces behind the GameStop frenzy are scheduled to attend the House Financial Services Committee hearing at the Reddit-led stock rally, according to a preliminary plan obtained by The Hill.
The meeting on financial services, set for February 18, will be divided into two panels: one with government and industrial investment regulators, and the other focused on business and central investors in last week’s chaos.
The interim meeting plan is not yet blocked, but would start with a group of Securities and Exchange Commission (SEC) representatives; Financial Industry Regulatory Authority (FINRA), the domestic regulatory authority in the securities sector; and Depository Trust and Clearing Corp. (DTCC), the clearing house used by Robinhood to complete share transactions on its platform.
A second panel would include Robinhood CEO Vlad Tenev, representatives of financial industry trade groups and a Reddit executive.
Chairman of the Financial Services Committee Maxine Waters
Maxine Moore WatersLawmakers remember actress Cicely Tyson Lawmakers breaking Robinhood’s decision on GameStop Robinhood is facing reactions from both sides to limit jobs MORE (D-California) confirmed in an interview with Cheddar on Thursday that it wants to testify Tenev, along with representatives from GameStop and Reddit. She also said she wanted Keith Gill, a leading Reddit trader behind the GameStop rally, to appear before the committee, but added that some guests had not yet responded.
Hill contacted Waters and Rep. Patrick McHenry
Patrick Timothy McHenryOn The Money: Five questions about the GameStop controversy | Biden and Yellen call for swift action on new aid MPs highlight need for financial literacy to improve credit Hill’s Morning – Biden report calls for legislative patience, urgent action amid crisis MORE (NC), the top Republican in the Financial Services panel, for comments. Robinhood declined to comment.
Waters announced Parliament’s meeting last week, saying it would “examine recent work on GameStop (GME) and other affected actions, focusing on short selling, online trading platforms, gamification and their systemic impact on our capital markets.” and retail investors. “
– Alex Gangitano contributed