STATEMENT: Rep. Khanna on GameStop Trades
Washington, DC – Today, Rep. Ro Khanna (CA-17) released the following statement on the recent GameStop trades.
“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. American inequality is at new levels of extreme. The top .01 percent of Americans hold nearly the same share of American wealth as the bottom ninety percent. Nearly half of American families aren’t even invested in the stock market. However, this entire episode has demonstrated the power of technology to democratize access to American financial institutions, ultimately giving far more people a say in our economic structures. This also showed how the cards are stacked against the little guy in favor of billionaire Wall Street Traders. While retail trading in some cases, like on Robinhood, blocked the purchasing of GameStop, hedge funds were still allowed to trade the stock. We need more regulation and equality in the markets. Instead of investing in future technologies to help America win the 21st Century, Wall Street poured billions into shorting this stock to crush this company and put workers out of business. The future of this country lies in that access and equality across every sector of our economy.”
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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.