House Democrats Urge Funding Boost for Wall Street’s ‘Cop on the Beat’
Kevin Edgar, 10 May 2021
House Financial Services Committee Chairwoman Maxine Waters is calling on Congress to increase funding for Securities and Exchange Commission (SEC) oversight of Wall Street’s “regulatory and market structure weak points.”
With SEC Chairman Gary Gensler signaling stepped-up enforcement of public companies and other SEC registrants, Democrats on Capitol Hill are leveraging their majority status to ensure the agency has the resources to meet its new chairman’s aggressive oversight mandate.
Rep. Brad Sherman, D-Calif., co-signed Waters’ letter to the leaders of the House Appropriations Committee calling for more SEC funding. Sherman is chairman of the Financial Services Committee’s Investor Protection, Entrepreneurship and Capital Markets Subcommittee. Continue reading “Article: House Democrats Urge Funding Boost for Wall Street’s ‘Cop on the Beat’”
At the House Financial Services Committee hearing last week on the GameStop debacle, there was an elephant in the room: naked short selling.
A Congressional hearing into the GameStop mania that triggered the largest weekly selloff since late October is underway, with some of the key players in the saga—billionaire Citadel CEO Kenneth Griffin, Robinhood CEO Vladimir Tenev, Reddit Cofounder Steve Huffman and the 34-year-old securities broker behind the Roaring Kitty online persona—all set to testify.
It’s telling that regulators aren’t asking why high-end hedge funds were allowed to target vulnerable corporations, such as GameStop, in an alleged short-selling scheme to drive their victims into bankruptcy. As the stock price of their prey goes to nearly zero, the hedge fund honchos could earn multimillions—or billions of dollars–in profits off of the companies closing their doors and laying off thousands of employees into the worst job market in modern history. 
Maxine Moore Waters (D-CA) is currently the chairwoman of the 116th Congress U.S. House Committee on Financial Services. She is an American politician serving as the U.S. Representative for 