What Should Have Happened at the GameStop Hearing (February 2021)

Last week, the House Committee on Financial Services held a hearing to discuss online brokerage firm Robinhood's decision to freeze trading of GameStop after the stock's price was driven up by amateur investors on Reddit's WallStreetBets forum. Committee Chair Rep. Maxine Waters (D–Calif.) moderated the hearing, which included testimony from Robinhood CEO Vladimir Tenev, and representatives from Reddit, Melvin Capital, and Citadel Securities. Retail investor Keith Gill, who made millions investing against Wall Street short sellers, also appeared at the hearing.

It didn't go very well.