Thursday, May 6, 2021

GameStop frenzy prompts Yellen to call meeting with SEC, Fed

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Treasury Secretary Janet Yellen will meet with key financial regulatory agencies to scrutinize recent price surges in GameStop stock and other companies, the latest move by policymakers to respond to market maneuvers tied to a group of investors on Reddit.

The meeting, which will take place as soon as Thursday, will focus on findings from the Securities and Exchange Commission, according to a Treasury official. It will also include the Federal Reserve, the New York Fed and the Commodity Futures Trading Commission, which oversees derivatives.

“Secretary Yellen believes the integrity of markets is important and has asked for a discussion of recent volatility in financial markets and whether recent activities are consistent with investor protection and fair and efficient markets,” the department said in a statement.

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