The Robinhood controversy is showing zero signs of coming to an end any time soon.
Early Thursday afternoon, Rep. Alexandria Ocasio-Cortez—a member of the U.S. House Committee on Financial Services—weighed in amid the criticism of the app for restricting transactions for certain securities.
"This is unacceptable," AOC said in a tweet, as seen below. "We now need to know more about [the Robin Hood app's] decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit."
AOC added that, as a member of the Financial Services team, she would support a hearing on this matter "if necessary."
Surprising some, AOC's take on the still-in-progress controversy (which began with a Reddit-inspired GameStop initiative) received a co-sign from MAGA-aligned Republican (and recent subject of repeated roastings from Seth Rogen) Ted Cruz.
"Fully agree," Cruz said when quoting AOC's original tweet. In response, AOC said she would be "happy to work with Republicans on this issue where there’s common ground." However, as AOC promptly pointed out, Cruz—in light of the fatal Capitol riot—should instead simply resign.
"I am happy to work with Republicans on this issue where there’s common ground, but you almost had me murdered 3 weeks ago so you can sit this one out," she wrote. "If you want to help, you can resign."
And Cruz isn't the only usually-off-base Republican to have joined in on criticizing the Robinhood team. So-called "constitutional conservative" Paul Gosar, conservative TV personality Meghan McCain, and others associated with various Republicanisms have also slammed the trading app. Democratic leaders, of course, were also quick to question the app's recent actions in unison.
"In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AAL, $AMC, $BB, $BBY, $CTRM, $EXPR, $GME, $KOSS, $NAKD, $NOK, $SNDL, $TR, and $TRVG," a Robinhood rep announced on Thursday to immediate criticism across social media. "We also raised margin requirements for certain securities."
GameStop ($GME), per CNBC, was down 20 percent from Wednesday's closing price roughly two hours after Robinhood’s announcement. By midday Thursday, GameStop's shares were down 50 percent. As alluded in AOC's widely praised comments, Robinhood isn't the only institution to have responded to this week's boom with restrictions.
According to Bloomberg, the controversy has already resulted in at least two customer lawsuits against Robinhood, including a class action lawsuit filed in New York.
And late Thursday, Bloomberg reported that Robinhood has tapped into at least "several hundred million dollars" from its credit lines with banks, suggesting that the trading app is in financial trouble.
Below, see a selection of the assortment of political leaders and public figures who have expressed impassioned disapproval of Robinhood's handling of this week's Reddit-inspired boom.
