White House says it will defer to SEC on retail stock surge

January 29, 2021 11:02 AM EST

FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst/File Photo

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WASHINGTON (Reuters) - The White House said on Friday that it will leave the retail stock market surge involving shares in GameStop and other companies to market regulators at the Securities and Exchange Commission.

"The message is that the U.S. government is starting to work as it should. The SEC is a regulatory agency that oversees and monitors developments along these lines. It is currently in their purview. They've put out several statements this week. We will certainly defer to them on that," White House spokeswoman Jen Psaki said at a press conference.

(Reporting by David Morgan; Editing by Chizu Nomiyama)

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