Chairman Menendez, Ranking Member Scott, and members of the Subcommittee on Securities, Insurance, and Investment: my name is Tom Quaadman, executive vice president of the U.S. Chamber’s Center for Capital Markets Competitiveness. Thank you for the opportunity to testify today regarding pro-growth legislation and the importance of helping small businesses and entrepreneurs raise capital.

Over a decade ago, members of this Committee and the House Financial Services Committee began working on a bipartisan basis on a series of capital formation initiatives intended to lower barriers to capital access for young businesses and improve the regulatory framework for businesses considering an initial public offering (IPO). These efforts eventually culminated in passage of the Jumpstart Our Business Startups (JOBS) Act, a bill that President Obama accurately described as a “game changer.”