Pass the S.O.R.E. L.O.S.E.R. Act, which would make it illegal for trading platforms to stop trading on certain stocks

Created by Kevin Reed

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My story

The stock market can be highly volatile and speculative at times, and as the 2020 COVID-induced market crash proved, losses are just part of the game. However, as men and women across the country were laid off throughout the epidemic, they had to figure out a way to make additional money for themselves and their families, and many turned to the market as an additional source of income.

Now, we’re beginning to see savvy investors clash with retail investors. They want to use their power and privilege to rig the system to spit out another win for them. When they crashed the global economy in 2008 and then asked President Obama for a government bailout, everyday Americans footed the bill. We then watched them take that money, lay off working class people, pay each other bonuses, and we took it all in stride. They have made money at our expense by literally taking a bailout, which has not only weakened the dollar, but prompted infighting amongst the middle class; we blame immigrants, people of other races, and even Presidents, but we never blame Wall Street or the Hedge fund managers at the helm.

I am not “anti-capitalism,” nor am I “anti-stock market.” I am, however, passionate about economic equitability and a fair, level playing field. The fact is, when it comes to Game Stop (GME), AMC (AMC), Black Berry (BB), and Express Inc. (EXPR)... They lost! And instead of adapting and overcoming, they want to use their power and influence with our government to fix the game in their favor.

 

But the fact remains, they lost.

I want to invest in a market that is free from any person or entity having the ability to stop people from buying stocks on trading platforms because of their financial interests. I want to be allowed to invest in companies because I like the odds of their stock price going up, regardless of the companies’ P/E ratios or other indicators. This is a battle on the field of capitalism, where we need to stand up to the influential groups on Wall Street and say: “enough is enough.” They lost, fair and square. It is time to move on and find other investments.

The Shorting Opposition to Retail Empowerment Limiting Opportunity to Security and Equity Resilience or S.O.R.E L.O.S.E.R Act will ensure that financial institutions and trading platforms are not able to use their influence to respond to losses in the market because of short squeezing or other overly-leveraged bets. Right now, they are planning to put pressure on a new White House administration as well as regulators to tilt the board in their favor, but we must band together to stop that.

About the issue

On January 28, multiple financial institutions and brokerages, including Merrily Lynch, Robinhood, TD Ameritrade and WeBull, stopped or limited the buying of certain securities in response to a short squeeze of the video-game retailer GameStop. 

"The short squeeze had increased the retailer's stock price by almost 190 times from its record low of $2.57 to nearly $500 per share, causing large losses for short sellers."

The decision to stop or limit trading of certain securities attracted criticism from many people, including politicians, businesspeople, and celebrities. Many people accused the financial institutions of market manipulation and market abuse. Two lawsuits were filed against Robinhood in the U.S. Southern District of New York and the Northern District of Illinois.

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