US House GameStop II hearing shows misunderstandings about securities lending but a few decent ideas anyhow

Last week’s US House Financial Services Committee hearing on GameStop, “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide, Part II,” showed mostly a lack of understanding about what securities lending does in the market. The story isn’t all bad – there were a few good suggestions about next steps. The end result seems to be consistent thinking that somehow securities lending is bad or nefarious, when in fact it is neither.
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