Senior senators Bernie Sanders and Elizabeth Warren on Sunday called for action on what they dub as ‘Wall Street abuse’ by hedge funds, referring to the recent money fluctuations prompted by competing bets on shares of Gamestop, reports AFP.

“An investigation by SEC is needed. What’s
happening with GameStop is just a reminder of what’s been going on on Wall Street now for years,” Senator Warren told CNN adding that Wall Street has become a flawed game of market manipulations in the previous years.

The statements come after a group of amateur
investors on Reddit and other online forums targeted shares of companies including GameStop via apps like Robinhood, sending its prices sky-high. This compelled hedge funders to invest more in the shares to prevent from losing money sending the stock market into a bit of a frenzy.

Meanwhile, the  SEC on Friday assured that has been keenly monitoring and evaluating the extreme
price volatility of certain stocks’ trading prices and would take necessary actions to protect investors when abusive authority or manipulation of stock is observed.

Senator Warren, however, seemed dissatisfied with the SEC response and called for a more decisive action.

Also Read: All you need to know about GameStop frenzy

“It is time for the SEC to get off their duffs and do their jobs,” she added.

Similarly critical of the Wall Street manipulation, independent senator, Bernie Sanders also demanded restructuring and reparation of the rigged stock market mechanism of the US.

“We
have to take a very hard look at the kind of illegal activities and outrageous
behaviour on the part of the hedge funds and other Wall Street players.” Sanders added.