GZERO Media logo

GameStop stock rally gives policymakers opportunity for legislation

Jon Lieber, who leads Eurasia Group's coverage of political and policy developments in Washington, offers insights on US politics:

First question. Stonks! Will the GameStop stock rally result in new regulation on Wall Street?

The answer is probably, but the interesting thing is, we have no idea what form that regulation might take. The interesting thing about this storyline around GameStop is that the run-up in prices, driven by social media chatter on Reddit, against hedge funds who had shorted the stock, opens up a whole can of worms for how you want to solve the issue, and is most likely going to be an outlet for members of Congress preexisting biases. If you want to regulate hedge funds, well, here's an excuse to do so. If you want to implement a financial transaction tax, this is your opportunity. If you're concerned about consumer protection, data privacy, this could be a hook to get into those issues as well. So, this is a headline grabbing event that's probably going to fade out of the news in a week or so, but it's going to stay relevant to policymakers for several more months, could potentially result in new legislation, or new regulation from the SEC based around investor protection and market structure. So, stay tuned. We're going to be hearing about GameStop for a long time.


Second question. What is the future for the legislative filibuster?

Well, as part of the Senate's organizing resolutions, two Democratic senators made public commitments that they were not going to vote to change the legislative filibuster. This is the 60-vote threshold in the Senate to pass legislation. With 50 Democratic members in the Senate, you need all 50 to agree to change the rules. They only have 48 votes right now at the most. This means it's probably not going to happen. Now, these two senators could change their mind down the road, Kyrsten Sinema from Arizona, Joe Manchin, from West Virginia. There's probably a handful of other senators who also oppose changing the rules but haven't done so publicly. The other thing they could do is pass legislation using the reconciliation process, which has guard rails around it that limited to only budget and tax legislation, but change the rules of the reconciliation process, to supercharge their ability to pass legislation with only 50 votes without changing the legislative filibuster. Something to keep an eye on, we expect at least two big pieces of legislation this year to pass through the reconciliation process, giving multiple opportunities to try to change those rules and erode the norms around reconciliation.

Wales, early 19th century: During breaks from his law studies, William Robert Grove indulges in his passion for science to become an inventor. On his honeymoon in Europe, he learns about the new energy source everyone's talking about: electricity. After learning that electricity allows water to be broken down into its two components, hydrogen and oxygen, his intuition leads him to an idea that ends up making him a pioneer of sustainable energy production.

Watch the story of William Robert Grove in Eni's MINDS series, where we travel through time seeking scientists.

El Salvador's President Nayib Bukele is an unusual politician. The 39-year old political outsider boasts of his political triumphs on TikTok, dons a suave casual uniform (backwards-facing cap; leather jacket; tieless ), and refuses to abide by Supreme Court rulings.

Bukele also enjoys one of the world's highest approval ratings, and that's what helped his New Ideas party clinch a decisive victory in legislative elections on February 28, securing a close to two-third's supermajority (75 percent of the vote had been counted at the time of this writing).

His triumph will resonate far beyond the borders of El Salvador, Central America's smallest country, home to 6.5 million people. Now that Bukele has consolidated power in a big way, here are a few key developments to keep an eye on.

More Show less

Now that millions of high-priority Americans have been vaccinated, many people in low-risk groups are starting to ask the same question: when's my turn? Dr. Anthony Fauci, America's top infectious diseases expert, has an answer, but probably not the one they're hoping for: "It probably won't be until May or June before we can at least start to get the normal non-prioritized person vaccinated." On GZERO World, Dr. Fauci also addresses another burning question: why aren't schools reopening faster? And while Dr. Fauci acknowledges that reopening schools must be a top priority, he has no quick fixes there, either. In fact, that's kind of a theme of the interview.

Watch the GZERO World episode: Dr. Fauci's Pandemic Prognosis

Ian Bremmer's Quick Take:

I thought I would talk today, I haven't spoken much about former President Trump since he's no longer president and I intend to continue that practice. But given this weekend and the big speech at CPAC and the fact that in the straw poll, Trump won and won by a long margin. I mean, DeSantis came in number two, but he's the Governor of Florida, CPAC was in Orlando, so that's a home court bias. In reality, it's Trump's party. And I think given all of that, it's worth spending a little bit of time reflecting on what that means, how I think about these things.

More Show less

Ian Bremmer's Quick Take:

Hi, everybody. Ian Bremmer here, and as we head into the weekend, a Quick Take on, well, the first bombing campaign of the new Biden administration. You kind of knew it was going to happen. Against some Iranian-backed militias in Syria, looks like a couple of dozen, perhaps more killed, and some militia-connected military facilities destroyed. I think there are a few ways to look at this, maybe three different lenses.

More Show less
The GZERO World Podcast with Ian Bremmer. Listen now.

GZEROMEDIA

Subscribe to GZERO Media's newsletter: Signal

Biden strikes Syria. Now what?

Quick Take