Today, the House Committee on Financial Services is holding its
third hearing on GameStop. While Committee Democrats will push progressive policies that reduce access to our capital markets under the guise of “consumer protection,” Republicans will highlight the benefits of expanding investment opportunities for everyday Americans and fostering financial technology.
Watch Republican Leader Patrick McHenry’s (NC-10) opening remarks here.
Read Republican Leader McHenry’s opening remarks as prepared for delivery:
“Thank you, Madam Chair. At—what I believe to be—our last hearing on GameStop, I’d like to talk about what we’ve learned.
“We’ve learned that everyday Americans have a newfound interest in the markets—this is positive.
“We’ve learned that financial technology is here to stay and it’s providing more opportunities for retail investors to participate in our markets.
“We’ve learned that Roaring Kitty is, indeed, not a cat.
“And, we know just as much as we did at the first hearing.
“And I continue to hear the same policy solutions from the Democrat playbook.
“Repackaged old, outdated, policy failures — wrapped in whatever is in the news this week— to sell the American people on the idea that this time it’s different.
“Like so many other bad progressive ideas sold under the guise of ‘investor protection,’ Democrats’ proposals will ultimately reduce access to investment opportunities and charging DC bureaucrats to control investing decisions of everyday Americans.
“If this Committee is interested in responding to late January’s events, we need to expand the accredited investor regime. It’s ridiculous that our securities laws force most everyday Americans to the sidelines.
“We need to find innovative solutions that allow more people to invest in the businesses they support while retaining the flexibility our changing workforce needs.
“This week, I reintroduced my bill, the Gig Worker Equity Compensation Act, to expand the category of workers that can benefit from equity compensation to include non-traditional workers.
“If you want to see the juxtaposition of Democrat and Republican priorities, just yesterday the Biden Administration moved to dismantle past efforts to provide gig workers with the flexibility they demand.
“If a state as liberal as California can recognize that a one-size-fits-all mandate on gig workers would be destructive, it should be obvious to the Biden Administration that these actions will hurt non-traditional workers, not help them.
“I initially called for a hearing on GameStop to begin the process of fact-finding to inform our policy discussions.
“And the bottom line is we’re still gathering those facts. That’s why we have representatives from FINRA and DTCC testifying before us today. Additionally, the SEC’s review of the events is ongoing, as is the Committee’s work behind the scenes in terms of document review and interviews.
“Despite the ongoing investigations and the testimony we’ll receive today, many Democrats will have their so-called solutions.
“At our first GameStop hearing, I asked Democrats to side with everyday American investors. I will make that same ask today.
“We should not punish everyday American investors with a Democrat agenda that results in fewer investment options or forces folks to start paying to make trades again.
“So, let’s go off of what we have learned. Let’s stand up for everyday investors and make it easier for them to invest. Let’s tear down barriers keeping folks out of the market, instead of throwing up new ones. Let’s stand up for equity – true equity – in our capital markets.
“I yield back.”
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