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