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Benzinga
Benzinga
Politics
Wayne Duggan

New Congressional Report On GameStop Trading Frenzy Cites 'Troubling Business Practices, Inadequate Risk Management'

Robinhood GameStop United States SEC Citadel Citadel Securities WallStreetBets Gary Gensler Maxine Waters Sean Casten

On Friday, the House Financial Services Committee released a report on the 2021 stock market drama surrounding Reddit’s WallStreetBets, the trading app Robinhood Markets Inc (NASDAQ:HOOD), trading firm Citadel Securities and high-flying stocks like GameStop Corp. (NYSE:GME).

What Happened? Congresswoman Maxine Waters (D-CA), chairwoman of the HFSC, released a new report entitled “Game Stopped: How the Meme Stock Market Event Exposed Troubling Business Practices, Inadequate Risk Management, and the Need for Regulatory and Legislative Reform.”

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