Citadel Securities' Ken Griffin says firm 'had no role' in Robinhood trading restrictions

Republican Congressman Patrick McHenry wants everyone to slow down before rushing to push new regulation in the wake of the GameStop trading frenzy.

"It's premature," McHenry, the ranking member on the House Financial Services Committee, told reporters during a call Thursday before the GameStop hearing. "A slow and methodical approach is right, especially when talking about our capital markets."

The Republican also pushed back against criticism of payment for order flow, the controversial practice where brokerages route retail orders to high-speed trading firms like Citadel Securities.

"As long as there is disclosure, it does not appear to me that there is investor harm," McHenry said. "In fact, you've been able to crash fees to negligible or zero based off this practice."

Although no system is "perfect," he said it appears the "good outweighs the bad" when it comes to payment for order flow.

Maxine Waters, the chairwoman of the House panel, told CNN Business she plans to hold multiple hearings on GameStop.

McHenry said he's had no discussions with Waters about future hearings, although he left the door open to it.

"I welcome the debate," he said.