Reddit may side with individual investors and Robinhood will explain why it restricted trading.
The House
Committee on Financial Services today will grill the power players involved in last month s GameStop trading frenzy.
The CEOs of Reddit, Robinhood, Melvin Capital, and
Citadel will testify following an unexpected rally of GameStop stock driven by individual investors.
Lawmakers criticized these firms after some retail investors, including members of a popular Reddit forum r/WallStreetBets, invested in GameStop to burn institutional investors who bet against the stock. The trading frenzy caused GameStop shares to surge 2,000% month-to-date on January 29 and caught the attention of Elizabeth Warren, Alexandria Ocasio-Cortez, and Ted Cruz.
Sentinel Staff
WASHINGTON U.S. Rep. Bill Huizenga recently introduced legislation aimed at easing the process for people looking to start a small business.
House Resolution 935, the Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act, was introduced in the House last week. It would amend U.S. law to exempt registration fees and other regulatory compliance costs for smaller businesses purchasing transfer or other registration fees.
Huizenga, R-Zeeland, said the proposed resolution would help those looking to start their own small businesses avoid burdensome fees.
“Today’s one-size-fits-all regulatory structure treats the sale of a privately owned family business the same as if an investment bank were buying a publicly traded company, Huizenga said in a statement. Currently, compliance costs can exceed $150,000 in the first year while adding an additional $75,000 per year after that at the federal level. These massive regulatory costs pose a s
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