Washington was quick to react to the wild ride of GameStop. Stock and the social-media-powered trading madness that by some accounts pitted everyday people against Wall Street.Oversight committees in the Senate and House announced hearings, the Securities and Exchange Commission vowed to root out any wrongdoing and the Treasury Department convened a meeting of elite financial regulators to talk about the volatility. Barring evidence that people were trying to manipulate the market, regulators may not have much to do. One of those core principles of market regulation in the US is transparency-give investors information and let them decide. The GameStop drama was nothing if not transparent.What appears to have happened in recent weeks is that a huge wave of retail investors answered,”yes,” to that question, current and former policy makers say. Powered by social-media platforms such as Reddit and smartphone brokerage apps such as Robinhood, the traders bid up the price of GameStop to $483 a share from less than $18 a share three weeks earlier. The struggling video game retailer closed on Friday at $63.77, down 87% from its intraday peak on Jan. 28.