View or download a PDF of the letter here.

Americans for Financial Reform submitted a letter opposing several legislative proposals being considered at the House Financial Services Committee hearing “Beyond Silicon Valley: Expanding Access to Capital Across America.” Weakening investor protections in the name of capital formation threatens market integrity and exposes smaller, retail investors to unnecessary risk. Many of the legislative proposals under consideration at this hearing, many of which are directly out of the Project 2025 playbook.

The majority of the measures under consideration do not strengthen capital formation, they expose smaller, retail investors to informational asymmetry, losses, and steep fees they cannot afford from opaque, risky, and illiquid private markets. Meanwhile, the administration’s assault on regulatory agencies, including the Securities and Exchange Commission (SEC), further undermines the SEC’s mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.