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- In a job posting, Robinhood said it’s seeking a federal affairs manager based in D.C.
- Politicians from both parties have called for hearings after the app temporarily shut down trading of several major stocks on Thursday.
- Retail traders on multiple platforms have helped run up the share price on several companies, including Gamestop, this week.
- Visit Business Insider’s homepage for more stories.
If you’re looking to work at 2021’s buzziest company as it weathers a apparent forthcoming regulatory storm, investing app Robinhood is in search of a new manager for federal affairs.
In a job posting from that first appeared in Daybook this week, the fintech startup said it’s looking for a Washington, D.C.-based “senior professional” with at least eight years of Capitol Hill policy experience to focus on regulatory and legislative affairs, with a particular eye towards Congress.
Robinhood made headlines this week as users on the app (and other retail brokerages) fueled a major trading surge of stocks including Gamestop and AMC Theaters. The trading activity, driven by the Reddit r/WallStreetBets forum, resulted in major market upheaval and spelled trouble for some large hedge funds that had bet against the stock.
On Thursday, Robinhood temporarily suspended investments in Gamestop and other stocks including AMC and BlackBerry, Insider reported. The company was also forced to tap $1 billion of fresh capital, but CEO Vlad Tenev told on Bloomberg that it faced no liquidity issues.
Robinhood did not immediately respond to a request for comment about the job posting. It’s possible the listing was planned well in advance of this week’s newfound scrutiny.
Congressional Democrats and Republicans alike have agreed that hearings are necessary after Robinhood blocked investors from trading. And a deluge of commentary from politicians across the aisle points to increased scrutiny for the brokerage in the coming weeks and months.
The person who fills the role will likely have their work cut out for them once any hearings are scheduled. The posting also says Robinhood is looking for a new hire with experience working for a member of Congress or on a Congressional committee.
The company also hopes to find a federal affairs manager with "existing relationships and positive rapport with relevant government stakeholders and industry groups."