Congress to Hold Hearing Regarding GameStop, Reddit Day Traders, and Other Stock Market Volatility Issues

Sarah RumpfFeb 14th, 2021, 6:34 pm
 

The House Financial Services Committee will hold a hearing next Thursday, Feb. 18, regarding the recent stock market volatility with GameStop and other companies where trading was driven by Reddit and online trading apps.

“GameStop shares and other stocks boosted by day traders on Reddit have fallen sharply in recent weeks but lawmakers want to probe potential market manipulation and the systemic risk posed by the recent volatility,” reported CNN chief business correspondent Christine Romans on Sunday on CNN Newsroom with Ana Cabrera.

“The market overall has climbed as the GameStop mania has calmed,” Romans continued, mentioning that investors were optimistic that President Joe Biden’s Covid stimulus bill would pass soon.. “Last week stocks hit fresh record highs. Solid corporate earnings and vaccine optimism has boosted sentiment.”

According to a press release on the House Committee website, witnesses at the hearing will include Robinhood CEO Vlad Tenev, Citadel LLC CEO Kenneth C. Griffin, Melvin Capital Management CEO Gabriel Plotkin, CEO and co-founder of Reddit Steve Huffman, and Keith Gill, the Reddit user better known by his username, Roaring Kitty.

The hearing will be held on Feb. 18 at 12 pm ET, and will be live-streamed online.

Watch the video above, via CNN.

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Sarah Rumpf - Contributing Editor

Sarah Rumpf joined Mediaite in 2020 and is a Contributing Editor focusing on politics, law, and the media. A native Floridian, Sarah attended the University of Florida, graduating with a double major in Political Science and German, and earned her Juris Doctor, cum laude, from the UF College of Law. Sarah's writing has been featured at National Review, The Daily Beast, Reason, Law&Crime, Independent Journal Review, Texas Monthly, The Capitolist, Breitbart Texas, Townhall, RedState, The Orlando Sentinel, and the Austin-American Statesman, and her political commentary has led to appearances on television, radio, and podcast programs across the globe. Follow Sarah on Threads, Twitter, and Bluesky.