In response to the stock-trading app Robinhood’s decision to restrict trading for certain stocks on their platform following online retail investors successfully thwarting a wealthy hedge fund’s recent short sale effort this week, State Rep. Darrin Camilleri (D-Trenton) introduced a Resolution today calling on Congress and the Securities and Exchange Commission (SEC) to investigate the management of hedge funds and insider trading as well as fees, taxes, and trading restrictions imposed by software applications and online brokers, as well as how these companies exploit their customers’ data. Following the Resolution, Camilleri offered the following statement:

“Companies like Robinhood claim to make investing accessible to average people, not just billionaires, but what we saw today was gatekeeping in its truest sense,” said Camilleri. “While Robinhood claimed its decision was in response to market manipulation and to ‘protect investors from volatility,’ the reality is that wealthy hedge fund managers do this every day without consequence. By blocking retail investors from trading certain stocks while allowing hedge funds to continue trading freely, we are once again allowing the wealthy and well-connected to benefit while unfairly discouraging market competition and participation. Congress needs to act immediately to investigate these practices and increase regulations on stock-trading apps and online brokerages to protect average people.”