https://www.theverge.com/2021/1/28/22254909/senate-banking-stocks-sherrod-brown-aoc-gamestop-reddit-hearing Skip to main content The Verge homepage Follow The Verge online: * * * Log in or sign up * Log In * Sign Up Site search Search The Verge main menu * Tech * Reviews * Science * Creators * Entertainment * Video * Features * Podcasts * Newsletters * Store * More [ ] [Search] * Tech + Video + Amazon + Apple + Facebook + Google + Microsoft + Samsung + Tesla + AI + Cars + Cybersecurity + Mobile + Policy + Privacy + Scooters + All Tech * Reviews + Phones + Laptops + Headphones + Cameras + Tablets + Smartwatches + Speakers + Drones + Accessories + Buying Guides + How-tos + Deals + More from Verge Reviews * Science + Video + Space + NASA + SpaceX + Health + Energy + Environment + All Science * Creators + YouTube + Instagram + Adobe + Kickstarter + Tumblr + Art Club + Cameras + Photography + What's in your bag? + All Creators * Entertainment + Film + TV + Games + Fortnite + Game of Thrones + Books + Comics + Music + All Entertainment * Video * Features * Podcasts * Newsletters * Store Filed under: * Policy * Tech Senate to hold hearing on the stock market after Reddit GameStop squeeze New, 9 comments 'People on Wall Street only care about the rules when they're the ones getting hurt' By Makena Kelly@kellymakena Jan 28, 2021, 3:41pm EST Share this story * Share this on Facebook * Share this on Twitter * Share All sharing options Share All sharing options for: Senate to hold hearing on the stock market after Reddit GameStop squeeze * Linkedin * Reddit * Pocket * Flipboard * Email Confirmation Hearing For Federal Reserve Governor Nominees Judy Shelton And Christopher Waller Sen. Sherrod Brown (D-OH), the incoming chair of the Senate Banking Committee, announced Thursday that he plans to hold a hearing on the "current state of the stock market" in the wake of unprecedented volatility around GameStop, AMC, and other stocks. The volatility has been most pronounced around the retailer GameStop, which has more than quadrupled in value over the past week in the face of a Reddit-organized campaign to boost the company's value. But with several markets blocking further purchases of the stock to stem hedge fund losses, the incident has sparked a broader conversation about institutional bias in US financial markets. "People on Wall Street only care about the rules when they're the ones getting hurt. American workers have known for years the Wall Street system is broken -- they've been paying the price," Brown said in a statement Thursday. "It's time for the SEC and Congress to make the economy work for everyone, not just Wall Street. That's why, as incoming Chair of the Senate Banking and Housing Committee I plan to hold a hearing to do that important work." NEW: Senate Banking Committee will hold a hearing on "the current state of the stock market," incoming Chairman Sherrod Brown, a Democrat from Ohio, said in a statement. pic.twitter.com/ CX1zj8HHVo -- Daniel Flatley (@DanielPFlatley) January 28, 2021 As of publication, it's unclear when the hearing will take place, but lawmakers from both chambers have expressed a need for further investigation. Rep. Maxine Waters (D-CA), the chair of the House Financial Services committee, also pledged to investigate the activity. "I will convene a hearing to examine recent activity around GameStop stock and other impacted stocks," Waters said in a statement, "with a focus on short selling, online trading platforms, gamification and their systemic impact on our capital markets and retail investors." Earlier Thursday, Rep. Alexandria Ocasio-Cortez (D-NY) called on Congress to investigate the Robinhood app, calling the actions against GameStop "unacceptable." Other progressives have followed suit. Rep. Ro Khanna (D-CA) put out a statement saying, "We're done letting hedge fund billionaires treat the stock market like their personal playground, then taking their ball home as soon as they lose," he continued. "We need more regulation and equality in the markets." On Wednesday, Sen. Elizabeth Warren (D-MA) also called for further regulation of the financial industry. "It's long past time for the SEC and other financial regulators to wake up and do their jobs -- and with a new administration and Democrats running Congress, I intend to make sure they do," she said. Update 4:29PM ET: Added statement from Rep. Waters. In This Stream Reddit vs. Wall Street: the latest in the GameStop saga * Robinhood will allow 'limited buys' of stocks like GameStop starting Friday * Senate to hold hearing on the stock market after Reddit GameStop squeeze * After buy ban, GameStop hypebeasts are looking for a Robinhood alternative View all 15 stories Next Up In Policy Verge Deals 1. Here are the best AirPods deals you can get right now Deals are almost always happening 2. These great-sounding Master & Dynamic earbuds are $80 off at Best Buy Don't let their oddly shaped design fool you -- these are comfortable earbuds More in Verge Deals Sign up for the newsletter Processor A newsletter about computers Email (required) [ ] By signing up, you agree to our Privacy Notice and European users agree to the data transfer policy. Subscribe Loading comments... 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