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Sign the petition:
We have the power to reign in Wall Street. Sign on to call for an investigation into Robinhood and Citadel, a financial transaction tax that reduces risky trading, and rules against hedge funds using their power and technology to play a rigged game.
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Friend,
Hedge funds have been manipulating the stock market for decades, using it as their own personal casino. They buy businesses just to gut them and cut jobs―and when that’s not enough, they invent risky new financial products to gamble with. And each time these billionaires’ bets fail and threaten our economy, they ask the American people to bail them out.
No more!
This week in the House Financial Services Committee, I had the opportunity to question billionaire CEO Kenneth Griffin of the powerful Wall Street firm Citadel, whose conflicts of interest in the Robinhood trading scandal raise serious questions about the effectiveness of our financial regulations.
I pressed Griffin on his firm’s use of high-frequency trading, which imposes billions in costs on pension and retirement funds, and stressed the importance of a financial transaction tax that will curb unfair trading and raise $800 billion over 10 years to fund our priorities like public education and housing.
My Democratic colleagues pressed Robinhood on the way they do business, where firms like Citadel pay Robinhood to execute trades while in exchange gaining valuable insights into market activity. Others took Robinhood CEO Vlad Tenev to task for the way his app has turned risky investments into a game, with notifications and rewards that encourage frequent trading while providing little in the way of financial education for the users it entices.
Join me and our allies in calling for an investigation into Robinhood and Citadel, a financial transaction tax that funds our social and economic justice priorities, and new rules against hedge funds using their wealth and power to create a rigged system that leaves working people and Main Street business behind.
It’s time for Wall Street to stop gaslighting the American people. The stock market is increasingly dissociated from what fuels our local economies, becoming a vehicle for the rich to get richer at the expense of the rest of us.
Sign the petition to hold hedge funds accountable for their history of market manipulation and predatory practices, and to end a rigged system that leaves millions of people behind.
Thank you for fighting for an economy that works for all of us, not just the wealthy few.
- Rashida
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