Elizabeth Warren Calls On SEC to ‘Grow a Backbone’ and Enforce Rules Amid GameStop Frenzy

Senator Elizabeth Warren (D-MA) kept up her pressure on the Securities and Exchange Commission by once again calling on them to respond to the GameStop trading frenzy.

Warren gave an interview on Sunday to CNN’s Dana Bash, who asked her to elaborate on her position against the gamification of the stock market. Warren lamented that stock manipulation and company practices have turned trading into a “casino” rather than a place for the formation of capital and said this shows what’s been happening on Wall Street is a “rigged game.”

“We need a market that is transparent, that’s level, and open to individual investors,” she said. “It is time for the SEC to get off their duffs and do their jobs.”

From there, Warren said the commotion with GameStop is a case study for why more regulation needs to be put in place in order to prevent corporate stock price manipulation.

“Stock prices should invest the value of the company, what investors think it is going to be able to make going forward. And how well the business is run,” Warren said. “The SEC has some pending rules on stock manipulation. They need a broader look at how companies, how hedge funds manipulate the market, and then they need to put rules in place to stop it and grow a backbone to enforce those rules.”

Warren also responded to the uproar over the Robinhood trade lockdown:

If we have a market that is transparent, that’s level, that helps individual investors come into that market and, frankly, helps make that market more efficient… We talk about competitive markets. We talk about efficient markets. But the truth is the hedge funds, many of the giant corporations, they love the fact that the markets are not efficient. They love being able to manipulate these markets because they get better returns and individual investors lose out. So I want to see the SEC come in, clean this up. GameStop is just the latest ringing of the bell that we’ve got a real problem on Wall Street and its time to fix it.

Watch above, via CNN.