The U.S. Securities and Exchange Commission announced that Stacey Bowers will depart as Director of the Office of the Advocate for Small Business Capital Formation, effective October 17, 2025. Bowers has served as Director since January 16, 2024. In the role, she engaged with startups and smaller public companies on capital-raising challenges and opportunities, reported on capital-raising data, analyzed the potential impacts of proposed SEC regulations on small businesses and their investors, and recommended policy changes to Congress and the Commission.