The decision by the online brokerage app Robinhood to impose trading limits as hedge funds were hammered by the wild market fluctuation has prompted the rarest of all political occurrences — bipartisan agreement. Lawmakers from across the political spectrum condemned the move and called for hearings into the decision, among them Senator Ted Cruz of Texas, a Republican and staunch conservative, and Representative Alexandria Ocasio-Cortez of New York, a standard-bearer of the left. The conservative attorney general of Texas and his progressive counterpart in New York have both initiated inquiries into Robinhood.
“For years, the stock market has been less and less about the value of business and more and more like casino gambling,’’ said Senator Elizabeth Warren, Democrat of Massachusetts, who called for increased regulation of Wall Street shortly after the market frenzy over GameStop began this week.
“GameStop is just the latest and most visible example,’’ she said in an interview on Friday. “We need to take this not as a one-off problem but as a systemic problem that requires systemic regulation and enforcement.”