Waters Announces Robinhood, Citadel, Melvin Capital, Reddit CEOs and Keith Gill to Testify (February 12, 2021)

Summary

Press release of February 12, 2021 in which Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, named the witnesses for the committee’s February 18 virtual hearing “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide.” The witnesses were Vlad Tenev of Robinhood Markets, Inc., Kenneth C. Griffin of Citadel LLC, Gabriel Plotkin of Melvin Capital Management LP, Steve Huffman of Reddit and Keith Gill, with the hearing set for 12:00 PM ET and more witnesses possible. The release points to her January statement on market volatility involving GameStop stock. It lists earlier hearings she called with chief executives, among them the major credit bureaus in February of 2019, Wells Fargo CEO Tim Sloan in March of 2019 and Facebook’s Mark Zuckerberg in October of 2019.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Full text

Press Releases

Waters Announces Robinhood, Citadel, Melvin Capital, Reddit CEOs and Keith Gill to Testify at Committee Hearing Washington, DC,
 February 12, 2021 Tags: Full Committee Today, Congresswoman Maxine Waters (D-CA) , Chairwoman of the House Committee on Financial Services, announced the following witnesses for the February 18 full Committee virtual hearing entitled: “ Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide .” Vlad Tenev , Chief Executive Officer, Robinhood Markets, Inc. Kenneth C. Griffin , Chief Executive Officer, Citadel LLC Gabriel Plotkin , Chief Executive Officer, Melvin Capital Management LP Steve Huffman , Chief Executive Officer, Co-Founder, Reddit Keith Gill The virtual hearing will be held on February 18 at 12:00 PM ET. Additional witnesses may be named . See here for Chairwoman Waters’ January statement on recent market volatility involving GameStop stock and other stocks. Since becoming Chairwoman of the House Financial Services Committee, Congresswoman Waters has transformed the Committee to focus its agenda on fairness, protecting consumers and investors, and accountability for large financial institutions. She has made it a practice to call Committee hearings with CEOs of big financial institutions and companies to hold them accountable. In February of 2019 , Chairwoman Waters convened a hearing with the CEOs of the major credit bureaus, Equifax, TransUnion, and Experian. In March of 2019 , Chairwoman Waters called Wells Fargo CEO Tim Sloan to testify before the Committee regarding Wells Fargo’s consumer abuses. After the hearing, Chairwoman Waters called for his removal, and days later, he resigned. In April of 2019 , Chairwoman Waters called the CEOs of Bank of America Corporation, Bank of New York Mellon Corporation, Citigroup Inc. Goldman Sachs Group, Inc., JP Morgan Chase and Co., Morgan Stanley and State Street Corporation to testify before the Committee. The day before the hearing, Bank of America announced that it would raise the minimum pay for its workers to $20 per hour by 2021. In the weeks following the hearing, Bank of America announced that it would sever ties with the private prison industry and Citigroup announced it would raise the minimum pay for its workers to $15 an hour. In July of 2019 , Chairwoman Waters convened a hearing to examine Facebook’s proposed cryptocurrency and its impact on consumers, investors and the U.S. financial system with David Marcus, the head of Calibra. In October of 2019 , Chairwoman Waters convened a hearing with Facebook Chairman and CEO Mark Zuckerberg on Facebook’s impact on financial services and housing. In March of 2020 , in advance of hearings with Wells Fargo’s board chairs, Chairwoman Waters and Representative Al Green (D-TX), released an investigative report exposing failures of the megabank’s management, board, and regulators. Shortly before appearing as hearing witnesses, Wells Fargo’s board chairs resigned. All hearings are livestreamed on /live/ . For virtual hearings, all Members and witnesses participate remotely with no in-person participation in the hearing room. Committee activities are finalized once an official notice is issued by the House Financial Services Committee. Visit /calendar/ for the most up-to-date Committee schedule. ###

Social Media

Facebook Feed

Twitter Feed

Stay Connected

File and source

File

documentsingle.aspx_59796219c7a08b89.html

Size

32,042 bytes

SHA-256

81430dfa9b0690efe114bdf114f1e9ad093a2d7a3a48130096fb632ea71a7cc2

Our copy

documentsingle.aspx_59796219c7a08b89.html

Original

democrats-financialservices.house.gov