Watch CBS News

'Accept The Consequences:' Pa. Sen. Pat Toomey Calls Actions Of Robinhood Unacceptable

By: KDKA-TV News Staff

WASHINGTON (KDKA) - Lawmakers on both sides of the aisle called the actions of Robinhood unacceptable.

That includes Republican Pennsylvania Senator Pat Toomey.

"Retail investors should be free to purchase, even highly-speculative stocks, just as hedge funds should be free to short them," Sen. Toomey said. "All investors should accept the consequences, whether they gain or lose from their decision."


  • Does GameStop's Soaring Stock Indicate A Possible Market Bubble?
  • GameStop And The Stock Market: What's Going On?
  • Young, Online Traders And Investors Put The Shock Into Wall Street With GameStop Stock Price
  • Toomey also added that the new platforms have been great for retail investors who now have a greater opportunity to accumulate wealth.

    He did, however, warn against regulatory overreaction.

    View CBS News In
    CBS News App Open
    Chrome Safari Continue
    Be the first to know
    Get browser notifications for breaking news, live events, and exclusive reporting.