UPDATED 1:01 PM PT – Sunday, January 31, 2021
The Biden administration said they will examine the legal discussion surrounding the GameStop stock surge. In an interview with NBC, Biden’s economic adviser Brian Deese explained the White House will be investigating potential wrongdoing in an effort to protect the economy’s integrity.
Deese’s sentiments came just days after the SEC also announced plans to investigate major trading firms following the market irregularities which made headlines last week.
“I could tell you the SEC is focused on understanding fully what happened here,” Deese stated. “Their focus is on protecting retail investors and also the integrity of the market.”
Last week, GameStop was used as a tool by a group of everyday investors to battle hedge fund managers who the investors said were profiting off the company’s decline.