WASHINGTON, D.C.— Yesterday, Congresswoman Rashida Tlaib (MI-13) grilled CEO of Citadel LLC Kenneth C. Griffin during a House Financial Services hearing on the unfolding GameStop saga for their role in high-frequency trading and putting retirements and the livelihoods of everyday Americans in jeopardy.
Rep. Tlaib voiced her deep concern about greedy and risky behavior endemic to Wall Street and its impact on the pension and retirement funds of her residents and those across the country.
“Some estimates indicate that as a result of high-frequency trading…pension and retirement accounts pay a yearly five billion dollar ‘tax’,” Congresswoman Rashida Tlaib said. “This means Wall Street firms like [Citadel] engaging in High Frequency Trades are making money at the expense of my residents’ retirement accounts.”
Rep. Tlaib went on further to emphasize the need for a financial transaction tax to ensure the wealth on Wall Street reaches communities like the ones she serves. She noted that despite Wall Street fearmongering, a financial transaction tax in Hong Kong – twice the size of the one proposed for the United States – has not prevented that stock market from becoming the third biggest in the world.
“According to recent polling, a majority of Americans…support taxing Wall Street transactions,” Congresswoman Tlaib continued. “Taxing [transactions] at just 0.1% would raise close to $800 billion over 10 years, which could be used to fund programs that help my district expand health care, nutrition…This tax would…discourage risky and unfair high-frequency trading.”
“Let’s not gaslight the American people, you all would be fine with the tax and it’s fair,” Congresswoman Tlaib went on to say. “Our folks are tired of bailing you all out when you screw up and gamble with their retirement funds.”
Congresswoman Tlaib’s full line of questioning can be viewed here.