Chairman Hill: Our Capital Markets Should Work For Everyone
Washington,
March 25, 2025 -
Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding a hearing to examine the role of capital markets in fueling economic growth by supporting companies at various stages, while expanding investment opportunities for retail investors.
Watch Chairman Hill’s opening remarks here.
Read Chairman Hill’s opening remarks as prepared for delivery:
"Good morning. I want to welcome our Members to today’s hearing on expanding access to capital, and I look forward to our witnesses’ testimony.
"Over my financial career prior to Congress in Arkansas and Texas, I’ve seen firsthand the incredible entrepreneurial talent that's alive and well outside traditional venture and financial hubs like New York or San Francisco.
"Across our country, Americans are building companies that can drive our economy forward. Yet too often, these promising startups lack the access to local advice and capital they need to grow, scale, and succeed.
"Right now, virtually all venture funding pours into just a few coastal cities, leaving the innovators and entrepreneurs of “fly over” country often overlooked and underfunded.
"When capital circulates this geographically concentrated eddy, investors and the economy at large miss out on big ideas, innovations, and economic breakthroughs that can – and do – emerge from the labs, kitchen tables, and garages in Arkansas, Nebraska, or Ohio.
"Talent and ambition don’t stop at state borders, and neither should investments.
"In Little Rock, we’ve seen companies like Apptegy, which started from scratch and grew into a powerhouse by providing communications tools to schools nationwide.
"That's innovation born in Arkansas, benefiting students everywhere. It's proof that when investments are made outside traditional hubs, incredible things happen.
"At the same time, the number of public companies in the U.S. has declined dramatically, from over 7,000 thirty years ago to fewer than 4,000 today.
"In my view, threatened litigation, excessive costs and regulatory burdens have made it much harder for small businesses to go public, shutting out entrepreneurs and everyday investors alike.
"We must ensure that local incubators and small business investors have the support they need, and that those aspiring risk taking teams—regardless of where they’re based—can compete and succeed.
"Our capital markets should work for everyone. That means reducing barriers for startups to access funding, incentivizing investment in regional businesses, and reforming outdated regulations that improve access to growth capital to ensure a public offering is a more viable option again.
"By incentivizing investments in regional startups, supporting local incubators, and streamlining rules, we can create an environment where more companies can scale, thrive, and ultimately go public.
"And that means ensuring we’re not just creating opportunities for companies to grow but also expanding investment access for Americans who want to be part of that growth.
"For too long, investment opportunities—particularly in private markets—have been reserved for a select few. By broadening access, we create more avenues for wealth creation, allowing everyday investors to share in the long term prosperity that comes from innovation.
"Modernizing our securities laws can help break down these barriers so that every founder—regardless of background or location—has the resources and support to build the next great American company.
"The policies we are discussing today will not only expand access to capital—they will strengthen our economy and create lasting opportunities for millions of Americans."
