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Rep. Cindy Axne (D) Iowa on the GameStop hearing

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Yahoo Finance’s Jessica Smith joins the Yahoo Finance Live panel to discuss her interview with Cindy Axne (D) Iowa on the GameStop hearing.

Video Transcript

[MUSIC PLAYING]

- Welcome back to Yahoo Finance Live. We are just about 30 minutes away from the start of that House Financial Services Committee hearing over in Washington, where we will see the co-founder of Robinhood, as well as Ken Griffin of Citadel, Gabe Plotkin of Melvin Capital. All testifying for the first time here, to address what played out around the GameStop trade.

Jessica Smith has been speaking to lawmakers who will be putting those questions to those testifying here. And what's the priority, you think, for a lot of these lawmakers as this first hearing gets underway?

JESSICA SMITH: Well, I just got off the phone with the top Republican on this committee, Congressman Patrick McHenry, and he actually had a few complaints about how this hearing is being put together by Democrats. He said that there is no clear theme to the hearing. He said there are so many different issues that you could tackle with each of these witnesses, it is just a grab bag of different topics. So he would have liked to see a more focused hearing, but today he says he's going to focus on finding the facts of actually what happened here. He said his priority is locking down the timeline of how this saga played out. He also said that it is too early, he says it's premature to start thinking about new regulation, or thinking about remedies for the situation. He said there might not even need to be a remedy. He said they really need to dig in and find out more before they can start thinking of potential legislation or recommendations that this committee might make.

I also spoke to Congresswoman Cindy Axne of Iowa. She's a Democrat on the committee. She told me she wants to know if there was coordination throughout this whole saga. She said even if there was not, investors need to understand how all of these firms are connected, from Citadel, to Melvin Capital, and Robinhood. She wants that to be very tran--

CINDY AXNE: This is a problem for America. And so I'm really concerned that how these efforts are being pushed forward are leading people down a wrong path that takes money out of their pocket. Now I'm not saying that we should do away with trading platforms like this, but I certainly think they have a responsibility, just like other brokers have, in providing appropriate information and education, and making sure that they protect the investor. And I don't know if I'm seeing that out of platforms like Robinhood.

- Congressman Cindy Axne, there, speaking to Yahoo Finance's Jessica Smith ahead of that hearing before the House Financial Services Committee around the retail trade.