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Bipartisan group of lawmakers call for hearing into Robinhood app for restricting small investors

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This photo illustration shows the logos of video grame retail store GameStop and trading application Robinhood in a computer and on a mobile phone in Arlington, Virginia on January 28, 2021. (Photo by OLIVIER DOULIERY/AFP via Getty Images)

OAN Newsroom
UPDATED 4:45 PM PT – Thursday, January 28, 2021

A group of bipartisan lawmakers have condemned the financial services company Robinhood for restricting stock trades.

“People on Wall Street only care about the rules when they’re the ones getting hurt,” asserted Sen. Sherrod Brown (D-Ohio) in a statement on Thursday. Brown, who is the incoming chair of the Banking and Housing Committee, said he plans to hold a hearing in response to the company’s block.

NEW: Incoming Senate Banking Chair Sherrod Brown says his panel will hold a hearing on the stock market in the wake of the Gamestop saga:

“It’s time for the SEC and Congress to make the economy work for everyone not just Wall Street.” pic.twitter.com/J9miZ1SHsw

— Alex Salvi (@alexsalvinews) January 28, 2021

Robinhood announced it would stop the trading of GameStop, AMC, Nokia and other stocks that they considered volatile. However, reports said the move only restricted small-time investors while it allowed large hedge funds to continue to buy and trade.

Sen. Brown said Americans are aware the Wall Street system is broken and are calling on Congress as well as the SEC to “make the economy work for everyone.”

Rep. Alexandria Ocasio-Cortez (D-N.Y.), Rep. Rashida Tlaib (D-Mich.) and Sen. Ted Cruz (R-Texas) all agree with Sen. Brown. The lawmakers have called for a hearing into Robinhood’s decision.

Fully agree. 👇 https://t.co/rW38zfLYGh

— Ted Cruz (@tedcruz) January 28, 2021

This is beyond absurd. @FSCDems need to have a hearing on Robinhood’s market manipulation. They’re blocking the ability to trade to protect Wall St. hedge funds, stealing millions of dollars from their users to protect people who’ve used the stock market as a casino for decades. https://t.co/CGkJxVfzkv

— Rashida Tlaib (@RashidaTlaib) January 28, 2021

Some lawmakers took less direct stances on the issue. House Speaker Nancy Pelosi said the Biden administration and Congress members would look into the matter, but she did not say whether she found Robinhood’s decision ethical.

“Interesting, isn’t it?” Pelosi asked. “I understand that the administration is taking a look….the SEC is taking a look at what that is, but we will all be reviewing it.”

Sen. Marsha Blackburn (R-Tenn.) called on Robinhood to “free the traders” on social media, but did not elaborate much further on her position.

Free the traders on @RobinhoodApp.

— Marsha Blackburn (@VoteMarsha) January 28, 2021

“This is something that is developing,” Blackburn commented.

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