My thanks to Carla and all the committee members. As is customary, I’d like to note that my views are my own, and I am not speaking on behalf of the Commission or SEC staff.

It’s good to be with you today. It also is good to be with my two newest colleagues on the Commission, Commissioner Mark Uyeda and Commissioner Jaime Lizárraga.

Last week, Jaime and Mark introduced themselves to the SEC staff. I was pleased for the opportunity to learn more, alongside the staff, about both Commissioners’ professional achievements as well as their rich personal stories. Jaime and Mark each come from families that started their own small businesses. I look forward to their insight on the Commission, including as relates to the important work this Committee performs. I hope you will join me in welcoming them.

I also look forward to learning about the Committee’s discussion on today’s two agenda items.

First, I’m interested to learn what the committee sees on the horizon for small business capital formation. I hope that you’ll discuss both longer-term trends about rapidly-changing technology and present-day considerations as relates to the economy.

With regard to technology, we are living in a transformational time. Many financial technology (FinTech) startups and incumbents are offering new ways for small businesses to borrow and raise money. How is that affecting the availability of capital? Should it change at all how the SEC is overseeing markets?

As relates to the current economy, we are living in uncertain economic times—from an ongoing war in Ukraine, to the pandemic, to central banks around the globe transitioning from an accommodating to a tightening policy stance. How is that affecting small businesses?

I look forward as well to the Committee’s discussion on secondary market liquidity for investors in Regulation A and Regulation Crowdfunding companies, and for smaller public companies. I would be interested to learn about the Committee’s thinking on these matters as relates to promoting investor protection and facilitating capital formation.

With that, I’d like to turn things over to the Committee. My thanks to our two guest speakers who have joined us to discuss these matters, and my thanks again to all of the Committee members for their time and service. I hope today is a productive meeting.