From Ted Lieu for Congress <[email protected]>
Subject Democratize the Stock Market
Date January 29, 2021 10:00 PM
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Friend,



This week, we’ve watched millions of dollars be made on the stock market. But instead of this money going into hedge funds and the corporate elite, it has been going to individuals who are investing directly in GameStop and AMC stock.



It's the democratization of the stock market.



However, retail trading platforms like Robinhood, TD Ameritrade, and Charles Schwab announced, then eased, their restrictions on transactions related to GameStop and AMC — unless you were selling your shares. Meanwhile, hedge funds can continue to buy these stocks like normal. This will artificially drive prices down, which protects the hedge funds who have built their businesses on shorting stock and betting on the failure of businesses, the loss of jobs, and the decimation of communities.



Simply put, by enforcing these restrictions only on individual people, these companies are working to wrestle the stock market -- and profits made from it -- back out of people's hands and back into the hands of the elite institutions and people who have always held control of the stock market.



This is market manipulation, and that's why I’m calling on the SEC to investigate the actions taken by Robinhood, Charles Schwab, and others. Will you join me? <[link removed]>



Best,

Ted



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Ted Lieu for Congress - United States

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