WASHINGTON (KSNT) – “Something isn’t right here,” according to Kansas’ U.S. Sen. Roger Marshall, speaking about the Kansas-based company AMC Theatres being shut out from the stock trading app Robinhood.
The conservative senator made the comments Thursday and Friday about what has been a turbulent period for the stock market. A grassroots movement on Reddit’s Wall Street Bets group has encouraged a growing number of small investors to buy Gamestop, AMC and other stocks en masse.
The movement has swelled both AMC and Gamestop’s stocks and also made trouble for hedge funds and other Wall Street investors, who had placed market bets that the stock would fall at this time period. GameStop stock has rocketed from below $20 earlier this month to more than $400 Thursday.
Robinhood, a popular investing app and the main channel for many of these small investors buying the stock, responded by restricting purchases of Gamestop and AMC. Cue Marshall’s response that the action by Robinhood needs investigation.
“Wall Street is trying to silence Main Street,” Marshall said. “After a year of financial uncertainty and turmoil for everyday Americans, Robinhood shutting regular folks out of the market because they ‘aren’t smart enough to invest’ is insulting and wrong.”
Kansas’ 4th Congressional District Rep. Ron Estes also joined other D.C. representatives in a letter urging the Security Exchange Commission chairwoman to investigate Robinhood and other platforms that have restricted buys on certain stocks.
While Marshall has tweeted three times and Estes once about Robinhood’s actions, Kansas’ other D.C. representatives including Sen. Jerry Moran, Rep. Tracey Mann, Rep. Sharice Davids and Rep. Jake LaTurner have not mentioned the stock situation online.