The U.S. Securities and Exchange Commission published a report to Congress summarizing policy recommendations developed at the SEC’s 44th Annual Small Business Forum, along with the Commission’s responses, focused on potential changes to the capital-raising framework. The report recaps the proceedings from the April 10, 2025 forum and groups discussion across early-stage capital raising, growth-stage companies and smaller funds, and small cap companies and the public markets. The forum is hosted by the SEC’s Office of the Advocate for Small Business Capital Formation under a congressional mandate, and video archives and a transcript are available online.