Rep. Alexandria Ocasio-Cortez and Sen. Ted Cruz have become an unlikely odd couple in calling for hearings over trading app Robinhood’s blocking of investors seeking to buy GameStop shares– and it has AOC scrambling for cover.
In a series of tweets posted Thursday, following wild price swings orchestrated by traders on Reddit, Ocasio-Cortez (D-NY) called Robinhood’s actions “unacceptable.”
“We now need to know more about @RobinhoodApp’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit,” the progressive pol wrote.
“As a member of the Financial Services Cmte, I’d support a hearing if necessary.”
AOC went on to say that she would support probing other trading platforms as well, writing, “Inquiries into freezes should not be limited solely to Robinhood. This is a serious matter.
“Committee investigators should examine any retail services freezing stock purchases in the course of potential investigations – especially those allowing sales, but freezing purchases.”
Shares of GameStop and AMC multiplied in value earlier this week as traders on the Reddit forum “WallStreetBets” pumped them, only to seesaw in early trades Thursday after Robinhood’s move.
“We continuously monitor the markets and make changes where necessary,” a statement on the company’s website posted Thursday morning read. “In light of recent volatility, we are restricting transactions for certain securities to position closing only.”
The company also revealed that it raised margin requirements for certain stocks, meaning that investors would be forced to put down more capital when making bets for or against them.
The moves sparked outrage among users who have turned their short squeezing of big hedge funds and banks into a crusade, and those who were watching the madness unfold in the markets.
A Robinhood spokesperson did not immediately respond to The Post’s request for comment on the matter.
Upon seeing AOC’s tweets, Cruz (R-Tx.) jumped in to offer his support, retweeting the message and writing, “Fully agree.”
It doesn’t seem that the Democratic congresswoman appreciated the offer, writing in response to Cruz that, “I am happy to work with Republicans on this issue where there’s common ground, but you almost had me murdered 3 weeks ago so you can sit this one out.”
“Happy to work w/ [sic] almost any other GOP that aren’t trying to get me killed. In the meantime if you want to help, you can resign,” she continued, referencing the Capitol riot earlier this month.
At the riot, Ocasio-Cortez revealed in an Instagram live stream earlier this month, she had “a very close encounter” where she believed her life was in danger.
“I can tell you that I had a very close encounter, where I thought I was going to die,” the Queens-Bronx Democrat told viewers.
In a second tweet to Cruz, the 31-year-old lawmaker pressed on about the trauma caused by the experience.
“While you conveniently talk about ‘moving on,’ a second Capitol police officer lost their life yesterday in the still-raging aftermath of the attacks you had a role in,” she said, continuing to call out her GOP colleague, “This isn’t a joke. We need accountability, and that includes a new Senator from Texas.”