The U.S. Securities and Exchange Commission published a report to Congress summarizing its 45th Annual Government-Business Forum on Small Business Capital Formation. The report sets out participant-developed recommendations for changes to the capital-raising framework and provides the Commission’s responses. The March 9, 2026, forum examined capital raising for early-stage businesses, growth-stage companies and smaller funds, as well as small-cap companies’ access to public markets. Participants included representatives from the public and private sectors.