Yellen Convenes US Market Regulators To Discuss GameStop
02/04/21 AT 8:47 AM
US Treasury Secretary Janet Yellen will hold a meeting Thursday with top financial market regulators to discuss recent trading volatility that saw shares like GameStop soar last week.
Yellen said officials will be looking carefully at these events.
The volatility was created following a social-media-fueled buying frenzy over shares in video game store GameStop and other stocks shorted by hedge funds. These shares surged over 400 percent before falling sharply.
Yellen this week called for the meeting with the Securities and Exchange Commission, the Federal Reserve and the Commodities Futures Trading Commission to review the volatility.
New economic aid can serve as a bridge before herd immunity is achieved, she added.
The department is looking into the GameStop-trading saga and could take action, Yellen said.
The US economy will struggle for at least a few more months before falling COVID-19 cases and stimulus can drive a full recovery, Treasury Secretary Janet Yellen said Thursday.
In her first television interview since being confirmed last week, Yellen emphasized the importance of using stimulus to bridge the final months of the virus-induced slump.
The Treasury secretary has spent much of her first days in office pushing for President Joe Biden s $1.9 trillion relief package. Democrats have taken steps to pass the measure without Republican support. But even with additional fiscal relief, the economy is a ways away from marked improvement, Yellen said on Good Morning America.
Yellen Calls For Regulatory Meeting Over US Market Volatility
02/03/21 AT 12:54 AM
US Secretary Treasury Janet Yellen has requested a meeting with financial regulatory authorities to discuss recent market volatility following a social-media-fueled buying frenzy over shares in video game store GameStop and other stocks shorted by hedge funds.
Yellen called for the meeting with the Securities and Exchange Commission, the Federal Reserve and the Commodities Futures Trading Commission, the Treasury said in a statement late Tuesday. Secretary Yellen believes the integrity of markets is important and has asked for a discussion of recent volatility in financial markets and whether recent activities are consistent with investor protection and fair and efficient markets, it said.
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