WH: Congress should examine Reddit-fueled trading

"There is an important set of policy issues that have been raised as a result of market volatility in recent days, and we think Congressional attention to these issues is appropriate," said Psaki, adding that the White House welcomed working with Congress on the matter.

Video Transcript

- I want to ask you about GameStop. Some lawmakers have proposed legislative reforms, like restrictions on short selling and a financial transaction tax, the latter of which President Biden supported during the 2020 campaign. So I want to ask you now if the White House would support actions like those to address the situation.

JEN PSAKI: Well, as we've noted in here several times before, but I just want to reiterate, obviously, this is under the purview of the SEC in terms of their review and monitoring. But this is-- there is an important set of policy issues that have been raised as a result of market volatility in recent days, and we think congressional attention to these issues is appropriate and would welcome working with Congress moving forward as we dig into these further policy issues. But I don't have anything further to predict for you, other than we certainly welcome the opportunity to work with members who have proposed ideas.

- Has there been any direct engagement with those members so far on what they've proposed?

JEN PSAKI: I don't have anything to read out for you on that front. Obviously, we're engaged at a variety of levels every day with a range of offices on a number of issues, but I don't have anything more for you on that.

- And, lastly, one more on this. Sorry. So there's no confirmed members right now on the Financial Stability Oversight Council. And is it the White House view that that lack of officials in place is affecting your administration's approach to this situation?

JEN PSAKI: Well, again, the SEC is looking carefully at recent activities, and if they're consistent with investor protection and fair and efficient markets, that's where we think the purview is and the focus is at this point in time.