In a very timely job opening, Robinhood is looking for someone to help out with regulatory matters.
The new role involves “federal advocacy and government affairs related to legislative and regulatory matters,” with a particular focus on the US Congress. That would be the same Congress that’s now planning to hold hearings in both the House and Senate that will scrutinize the actions of Robinhood and other online trading platforms in light of GameStop’s wild stock surge.
Robinhood has come under fire from lawmakers ranging from Alexandria Ocasio-Cortez to Ted Cruz for its decision on Thursday to restrict investors from purchasing GameStop stock, a measure the company says was necessary to comply with Securities and Exchange Commission requirements. Critics argue that the trading restrictions flew in the face of free-market ideals, denying retail investors the potential profits that Wall Street firms were still able to reap. Robinhood said it would allow “limited buys” in GameStop and other highly-shorted companies like AMC starting Friday, though it could clamp down on trading again.
All that is to say that whoever lands the Robinhood role will certainly have their work cut out for them. But on the upside, maybe they’ll make some new friends! As House representative Jamaal Bowman noted on Twitter, “The job listing doesn’t mention this, but you’ll also get to know the House Financial Services Committee.”