Reps. Phillips, Caldwell call on AG to investigate stock trading app

OKLAHOMA CITY — Reps. Logan Phillips, R-Mounds, and Trey Caldwell, R-Lawton, called on Oklahoma Attorney General Mike Hunter to open an immediate investigation Friday into the recent actions of the stock trading and investing app, Robinhood.

In response to a large online group of retail investors targeting specific securities, Robinhood restricted trading of the stocks for a full trading day.

The stocks restricted from purchase Thursday included AMC; Bed, Bath and Beyond; Gamestop; Nokia; BlackBerry; Express; Koss and Naked Brand Group.

The purchase of these stocks, which had been shorted by Wall Street investment firms, was encouraged on the Reddit page “r/wallstreetbets.” The investment firms lost billions on their return, and Robinhood blocked the purchase of the stocks.

Limited purchase power was restored as of Friday morning, and Robinhood cited “market volatility” as their reasoning for the restriction

There has been bipartisan demand for an investigation into the matter at the federal level, and the U.S. Securities and Exchange Commission released a statement saying they will review Robinhood’s actions.

Joining Phillips and Caldwell in calling for the Hunter to take action are Reps. Garry Mize, R-Guthrie and Sherrie Conley, R-Newcastle.

— Submitted Content

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