Complicated mobile brokerage platform Robinhood is seeking to appoint a lobbyist to defend its interests on Capitol Hill ahead of a possible congressional hearing on its involvement in the Gamestop stock trading dispute.
Robinhood posted a list on a “Federal Affairs Manager” daybook on Friday, a job board for public policy professionals. The listing went live as executives in the popular game-trading app, criticizing lawmakers over their decision to restrict transactions involving GameCtop’s shares and other shares embraced by retail investors.
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“This role will focus on federal advocacy and government affairs related to legislative and regulatory matters, and will report to our Deputy General Manager for job subrogation, regulatory enforcement and investigation and government and regulatory affairs,” the job description says.
It is unclear whether the latest posting to Congress was directly related to calls due to Robinhood’s handling of the situation and unprecedented volatility for several stocks this week. Posting with the same title on the job board is actually live for over 30 days.
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Robinhood representatives did not immediately respond to a request for further comment on the job posting.
The Democratic heads of the Senate Banking Committee and the House Financial Services Committee have each indicated they will proceed with a hearing on the GameStop trading frenzy. Meanwhile, the US Securities and Exchange Commission promised to “closely review actions by regulated entities that may harm investors or otherwise not inhibit their ability to trade certain securities.”
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A handful of shares liked by the Reddit group “WallStreetBets” soared in value this week as users bought shares. The surge indicated a “small squeeze” on hedge funds betting against shares, including Gametop, Blackberry and AMC Entertainment, forcing them to buy more shares to cover their losses.
The trade restrictions imposed by critics of Robinhood and other platforms argue that they did so at the risk of bankruptcy of the Wall Street hedge fund. The platforms have denied those allegations and said the restrictions were meant to reduce risk.