In remarks delivered on February 23, 2026 at the U.S. Chamber of Commerce Center for Capital Markets Competitiveness, SEC Chairman Paul S. Atkins reinforced his ongoing agenda aimed at revitalizing U.S. public markets and reversing the long-term decline in the number of public companies.
Framing capital formation as central to American prosperity, Chairman Atkins emphasized that while U.S. markets remain the global leader in market capitalization and trading volume, their strength is not “self-sustaining.” He noted that the number of U.S.-listed public companies has declined by roughly 40% since the mid-1990s and reiterated his priority of reversing this trend.
Chairman Atkins framed his objective as to “Make IPOs Great Again,” supported by three principal initiatives:
- A renewed focus on materiality in disclosures – He called for re-anchoring disclosure requirements in materiality so that investment decisions turn on “economic signals rather than regulatory noise.” This suggests a potential recalibration of disclosure requirements, with greater emphasis on financially significant information.
- Depoliticizing shareholder meetings – The Chairman advocated restoring shareholder meetings to a focus on “significant corporate matters,” signaling possible adjustments to the shareholder proposal process and Rule 14a-8 administration.
- Litigation alternatives for public companies – He expressed support for mechanisms that would protect innovators from frivolous suits while continuing to deter fraud, potentially renewing discussion around arbitration provisions or other litigation management tools.
Chairman Atkins also endorsed the House-passed INVEST Act and the Senate’s Empowering Main Street in America Act as complementary to the SEC’s efforts. Among the provisions he highlighted:
- Expanding “test-the-waters” flexibility to allow more companies to gauge IPO market interest;
- Modernizing the accredited investor definition to recognize financial sophistication beyond income and net worth; and
- Broadening access to private investments in certain retirement accounts.
He described these measures as a “strong foundation,” but emphasized that they are “only a beginning.”
For public companies and companies considering an IPO, the speech signals potential movement toward:
- Disclosure simplification and a renewed focus on materiality
- Possible changes to the shareholder proposal framework
- Continued attention to litigation reform
- Expanded pre-IPO communications flexibility
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