There’s a noticeable decline in the number of publicly traded companies in the U.S., despite significant economic growth. The number of companies hasn’t actually decreased; instead, more companies are now privately held. This shift has changed the investment landscape: fewer opportunities for public investors to access early-stage, high-growth companies.
The Sarbanes-Oxley Act of 2002 (passed during the George W. Bush administration) was a major turning point. It was enacted in response to major corporate fraud scandals – Enron and WorldCom – which involved fraudulent accounting and hiding liabilities. Due to public and political pressure, Congress passed Sarbanes-Oxley to tighten corporate financial reporting rules. However, this law significantly increased the cost and complexity of going public.
From our point of view, we advocate for thoughtful regulatory reform, ideally starting with repealing Sarbanes-Oxley, to unlock economic growth and restore access for everyday investors. Let’s explore.
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