Event
House Financial Services majority staff report on the meme stock event
Report of the majority staff of the House Committee on Financial Services, released 24 June 2022 after a 16-month investigation of the January 2021 trading in GameStop and other stocks.
- Dates
- 24 Jun 2022
- Also known as
- Game Stopped: How the Meme Stock Market Event Exposed Troubling Business Practices, Inadequate Risk Management, and the Need for Regulatory and Legislative Reform
Majority staff report on GameStop short squeeze and Robinhood trading restrictions of 2021, from the House Committee on Financial Services.
Connections 4
involved
- House Committee on Financial Services its majority staff wrote the report; released by Chairwoman Maxine Waters and Subcommittee Chair Al Green Primary record 1
-
Robinhood Markets
subject of the report's first finding
According to House Committee on Financial Services
Primary record
2
A finding of the committee's majority staff, not of the full committee.
-
National Securities Clearing Corporation
subject of the report's fourth finding: a waiver of $9.7 billion of collateral deposit requirements on 28 January 2021
According to House Committee on Financial Services
Primary record
2
NSCC is a subsidiary of DTCC, which the report names.
caused by
- GameStop short squeeze Primary record 2
Timeline 1 date
- 24 Jun 2022 House Financial Services majority staff report on the meme stock event
Proof 2 sources
-
Waters and Green Complete Investigation of Meme Stock Market Event; Release Report Revealing the Troubling Business Practices and Inadequate Risk Management Leading up to the Trading Frenzy, House Committee on Financial Services, 24 Jun 2022.
Primary record
Over the course of 16 months, Committee staff conducted more than 50 interviews with representatives from 19 institutions and combed through more than 95,000 pages of documents as part of its investigation.
-
Game Stopped: How the Meme Stock Market Event Exposed Troubling Business Practices, Inadequate Risk Management, and the Need for Regulatory and Legislative Reform (Majority staff report), House Committee on Financial Services, 24 Jun 2022.
Primary record
Robinhood exhibited troubling business practices, inadequate risk management, and a culture that prioritized growth above stability during the Meme Stock Market Event.
The Depository Trust & Clearing Corporation (DTCC) waived $9.7 billion of collateral deposit requirements on January 28, 2021.
This trading frenzy, collectively referred to in this report as the “Meme Stock Market Event,” drove historic market volatility
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