AOC and Ted Cruz Criticize Robinhood for
Restricting Customers' Ability to Trade.
On Thursday, Robinhood announced that it had limited
trade in certain stocks, including GameStop. .
In a post to social media, Robinhood said its decision was
due to “market volatility” caused by the r/WallStreetBets Reddit
forum, which pushed GameStop shares to skyrocket 1,500 percent.
Multiple lawmakers from both major parties
have condemned Robinhood, accusing it of
manipulating the market in favor of hedge funds. .
Among them was Democratic Representative
Alexandria Ocasio-Cortez, who took to Twitter
to call Robinhood’s decision “unacceptable.”.
This is unacceptable … We now need to know more
about @RobinhoodApp’s decision to block retail
investors from purchasing stock while hedge funds
are freely able to trade the stock as they see fit, AOC, via Twitter.
AOC also said that as a member of the Financial Services
Committee, she’d “support a hearing if necessary.”.
Republican Senator Ted Cruz chimed in soon
after, writing “fully agree” in response to AOC’s post. .
AOC responded to Cruz, declining to work
with him on this issue and urging him to “resign.”.
I am happy to work with Republicans on
this issue where there’s common ground,
but you almost had me murdered 3 weeks
ago so you can sit this one out. , AOC, via Twitter