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STATEMENT: KHANNA AHEAD OF ROBINHOOD, GAMESTOP HEARING

February 16, 2021
Press Release

Washington, DC –  Today, Rep. Ro Khanna (CA-17) issued the following statement ahead of the February 18th hearing on the GameStop/Reddit/Robinhood controversy before the House Committee on Financial Services:

“From its inception, the purpose of the stock market was to create a mechanism for companies to raise funds that they could then invest in productive means. Yet at the end of this entire saga, while billions were made and lost from gambling on the price of their stock, GameStop itself raised approximately zero dollars. This controversy put the over-financialization of Wall Street on the national stage. It proved that these hedge funds are more like casino high rollers than they are responsible investors, while retail investors are constrained by a different set of rules that explicitly favor the ultra-wealthy. The era of unregulated speculation needs to end. I thank Chairwoman Waters for quickly convening Thursday’s hearing, and look forward to learning more directly from the Melvin Capital and Robinhood CEOs on why trading was restricted and how to ensure that doesn’t happen again.”

Witnesses:

  • Vlad Tenev - Chief Executive Officer, Robinhood Markets, Inc.  
  • Kenneth C. Griffin - Chief Executive Officer, Citadel LLC 
  • Gabriel Plotkin - Chief Executive Officer, Melvin Capital Management LP
  • Steve Huffman, - Chief Executive Officer, Co-Founder, Reddit
  • Keith Gill - Reddit user

Additional information on the hearing can be found here.

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About the Office

Congressman Khanna represents the 17th District of California, which covers communities in Silicon Valley. Visit his website at khanna.house.gov. Follow him on Facebook, Instagram and Twitter @RepRoKhanna.