House and Senate committees schedule hearings after GameStop ramps up

Leading Democratic lawmakers on Thursday promised to hold hearings on the stock market, which has seen huge moves lately for GameStop GME,
-44.29%
and other severely short stocks. Democratic Representative Maxine Waters of California, who chairs the House Financial Services Committee, said she would “convene a hearing to examine recent activity around GameStop (GME) stocks and other impacted stocks, highlighting focus on short selling, online trading platforms and gamification. and their systemic impact on our financial markets and retail investors. “Democratic Senator Sherrod Brown of Ohio, who is on the cusp of becoming the new chairman of the Senate Banking Committee, also promised a hearing. “The people of Wall Street only care about the rules when they’re injured. It’s time for the SEC and Congress to make the economy work for everyone,” Brown said in a tweet. “As the new chair of the @SenateBanking committee, I will be holding a hearing on the current state of the stock market.” Waters and Brown did not give dates for the next hearings.