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In an interview with "Axios on HBO," New York Stock Exchange president Stacey Cunningham rejected comparisons between stock market investing and gambling.

Between the lines: Sen. Elizabeth Warren recently said "investors big and small are treating the stock market like a casino," in response to last month's situation with GameStop, Reddit and Robinhood. Cunningham says Warren is wrong.

How Cunningham replied:

"The markets are not a casino. They are highly regulated and they're highly overseen ... We are running a market that provides opportunities for investors to come in, invest in the companies they believe in, they believe that are gonna grow, and then share in that wealth creation ... That's what made this country so great, is that a dreamer, an entrepreneur with an idea can start that business and grow it by getting others to invest and share in their success."

Cunningham also says that NYSE officials have not been asked to testify at upcoming House or Senate hearings on the last month's headline-making volatility, even though GameStop, AMC and several other "meme stocks" trade on the NYSE.

On the issues: Cunningham is strongly opposed to a financial transaction tax that's been floated as a way to better even the investor field, even threatening to pull NYSE out of New York were there to be such a tax passed at the state level.

  • She does, however, believe regulators should take a "fresh look" at requiring more transparency around short positions held by hedge funds.

Go deeper

Mike Allen, author of AM
16 mins ago - Politics & Policy

Biden adviser Cedric Richmond sees first-term progress on reparations

Illustration: "Axios on HBO"

White House senior adviser Cedric Richmond told "Axios on HBO" that it's "doable" for President Biden to make first-term progress on breaking down barriers for people of color, while Congress studies reparations for slavery.

Why it matters: Biden said on the campaign trail that he supports creation of a commission to study and develop proposals for reparations — direct payments for African-Americans.

Cyber CEO: Next war will hit regular Americans online

Any future real-world conflict between the United States and an adversary like China or Russia will have direct impacts on regular Americans because of the risk of cyber attack, Kevin Mandia, CEO of cybersecurity company FireEye, tells "Axios on HBO."

What they're saying: "The next conflict where the gloves come off in cyber, the American citizen will be dragged into it, whether they want to be or not. Period."

Cedric Richmond: We won't wait on GOP for "insufficient" stimulus

Top Biden adviser Cedric Richmond told "Axios on HBO" the White House believes it has bipartisan support for a stimulus bill outside the Beltway.

  • "If our choice is to wait and go bipartisan with an insufficient package, we are not going to do that."

The big picture: The bill will likely undergo an overhaul in the Senate after House Democrats narrowly passed a stimulus bill this weekend, reports Axios' Kadia Goba.