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As we approach the country’s 250th anniversary, the U.S. capital markets are at a crossroads.
United States
Corporate/Commercial Law
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As we approach the country’s 250th anniversary, the U.S.
capital markets are at a crossroads.
U.S. Securities and Exchange Commission (SEC) Chairman Paul
Atkins noted in a December 2025 speech that the number of U.S.
exchange-listed public companies has dropped sharply over the past
two decades. This contraction, as the Chairman indicated, is not
the result of diminished entrepreneurial ambition but the combined
impact of overly complex regulations, excessive litigation, and the
politicization of shareholder governance.
Chairman Atkins identifies three pillars for reform to reverse
this trend at the federal level:
Recalibrating SEC disclosure
requirements
Depoliticizing shareholder
meetings
Reducing frivolous lawsuits
While federal reforms are important to accomplish these and
other steps to make the U.S. capital markets attractive once again,
meaningful changes can and must also occur at the state level. This
analysis argues that targeted state reforms are the best way to
revitalize U.S. capital markets and looks at:
The causes and consequences of
declining U.S. stock exchange-listed companies
The need for state-level
reforms
The legislation states can enact to
limit abusive litigation
The role of proxy advisory firms and
holding these accountable
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