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Remember last month, when state lawmakers
voted to strip a scandal-scarred Gov. Andrew Cuomo of his emergency powers, or at least said they did? You could be forgiven for forgetting, given the stream of pronouncements that have continued from the governor’s office ever since, governing everything from closing time at gyms and casinos to restaurant capacity to attendance at sporting events.
POLITICO
‘The casino tends to win’: Democrats rip Robinhood, Citadel CEOs over GameStop
The hearing before the House Financial Services Committee underscored how the GameStop episode has raised alarms over whether the complex structure of the market serves average investors.
Rep. Maxine Waters listens to testimony during a hearing on Capitol Hill on July 31, 2020. | Kevin Dietsch, Pool/Getty Images
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House Democrats on Thursday blasted online brokerage Robinhood and trading giant Citadel Securities over their business models in a hearing that highlighted frustration from lawmakers about inequalities built into the structure of the stock market.
In the wake of the GameStop stock trading frenzy last month, lawmakers pressed Robinhood CEO Vlad Tenev on how the popular retail trading app could claim it was providing the best possible prices for its small-dollar customers while selling their order information to sophisticated financial firms like Citadel Securities tha
Kathy Willens/AP Photo
Committee Chair Maxine Waters said hedge funds are responsible for predatory conduct.
Reddit sided with individual investors and Robinhood explained why it restricted trading.
The House Committee on Financial Services today grilled the power players involved in last month s GameStop trading frenzy.
The CEOs of Reddit, Robinhood, Melvin Capital, and Citadel are testifying to Congress 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.
February 18, 2021 7:00 AM By Zachary Sherwood and Brandon Lee
President Joe Bidenâs proposed immigration overhaul will be introduced in Congress today, kicking off what will likely be one of his most difficult legislative challenges.
The legislation, known as the U.S. Citizenship Act of 2021, hews closely to the outline that Biden sent to Congress on his first day in office. The proposal includes an eight-year path to citizenship for most of the roughly 11 million immigrants living illegally in the U.S., bolsters the nationâs refugee and asylum systems and calls for additional technology to be used to help secure the southern border, administration officials told reporters late yesterday.