Robinhood CEO called to testify on Capitol Hill amid trading controversy: Report

Robinhood CEO Vlad Tenev has reportedly been asked to testify on Capitol Hill amid recent trading turmoil triggered by average investors.

The House Financial Services Committee has called a hearing for Feb. 18 at 12:00 p.m. ET to address the recent market volatility.

The hearing, first reported by Politico, was formally announced by chair Rep. Maxine Waters, D-Calif., on Monday evening.

“We must deal with the hedge funds whose unethical conduct directly led to the recent market volatility and we must examine the market in general and how it has been manipulated by hedge funds and their financial partners to benefit themselves while others pay the price,” Waters said in a statement.

Waters' announcement did not mention who the witnesses would be, though Politico reported that Tenev would be contacted.

A spokesperson for Robinhood did not return FOX Business’ request for comment.

ROBINHOOD, AMID CHAOS, RAISES $3.4 BILLION IN TOTAL 

Traders have been using the Robinhood app to outwit hedge funds that had bet against – or shorted – financially challenged companies like GameStop, AMC and Bed, Bath & Beyond. While those Wall Street firms had bet that the prices of these battered companies would continue to fall, nonprofessional investors linked up through social media platform Reddit to scoop up shares.

The result was a massive spike in the stock prices of these companies – which caused hedge funds to lose money.

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Last Thursday, Robinhood limited access to stocks – like GameStop – that the day traders had been scooping up, which drew widespread scrutiny.

Rep. Alexandria Ocasio-Cortez, D-N.Y., called the decision to halt purchases “unacceptable.”

Sen. Elizabeth Warren, D-Mass., went after Wall Street firms that she said have treated the market like their personal “casino” for years.

The company then allowed trading to resume on Friday.