U.S. Congress to hold hearings on GameStop trading, state of stock markets

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By David Shepardson
WASHINGTON (Reuters) - The U.S. House Financial Services and Senate Banking committees said on Thursday they will hold hearings on the stock market after users of investment apps faced trading limits following the "Reddit rally" that put a charge into GameStop and other volatile stocks that were touted in online forums.
"We must deal with the hedge funds whose unethical conduct directly led to the recent market volatility and we must examine the market in general and how it has been manipulated by hedge funds and their financial partners to benefit themselves while others pay the price," said Representative Maxine Waters, a Democrat who heads the House panel.
Waters added the hearing will focus on "short selling, online trading platforms, gamification and their systemic impact on our capital markets and retail investors."
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