Senate to hold hearing on the stock market after Reddit GameStop squeeze
Sen. Sherrod Brown (D-OH), the incoming chair of the Senate Banking Committee, announced Thursday that he plans to hold a hearing on the “current state of the stock market” in the wake of unprecedented volatility around GameStop, AMC, and other stocks.
The volatility has been most pronounced around the retailer GameStop, which has more than quadrupled in value over the past week in the face of a Reddit-organized campaign to boost the company’s value. But with several markets blocking further purchases of the stock to stem hedge fund losses, the incident has sparked a broader conversation about institutional bias in US financial markets.
“People on Wall Street only care about the rules when they’re the ones getting hurt. American workers…