Policy Forum 

# Removing Barriers to Capital Formation 

Date and Time 

June 24, 2025 2 - 4 PM EDT 

Location 

Cato Institute, 1000 Massachusetts Ave, NW, Washington, DC 

Share This Event 

##### Featuring 

![Cromwell Coulson - circle](/sites/cato.org/files/styles/author_picture/public/2025-06/Cromwell%20Coulson-cropped.jpg?itok=oZU1JZ1R) 

Cromwell Coulson 

OTC Markets Group

[ 

](https://x.com/cromwellc) 

![Gerry Hays - circle](/sites/cato.org/files/styles/author_picture/public/2025-06/Gerry%20Hays-cropped.jpg?itok=n53Xomk3) 

Gerry Hays 

Kelley School of Business, Indiana University

[ 

](https://x.com/gerryhays) 

![Karen Kerrigan - circle](/sites/cato.org/files/styles/author_picture/public/2025-06/Karen%20Kerrigan-cropped.jpg?itok=5qehK0hU) 

Karen Kerrigan 

Small Business & Entrepreneurship Council

[ 

](https://x.com/KarenKerrigan) 

![Alex Platt - circle](/sites/cato.org/files/styles/author_picture/public/2025-06/Alex%20Platt-cropped.jpg?itok=CDJS0Mok) 

Alex Platt 

University of Kansas School of Law

![Amy Reischauer - circle](/sites/cato.org/files/styles/author_picture/public/2025-06/Amy%20Reischauer-cropped.jpg?itok=YISfK5PG) 

Amy Reischauer 

Office of the Advocate for Small Business Capital Formation, US Securities and Exchange Commission

![Joel Trotter - circle](/sites/cato.org/files/styles/author_picture/public/2025-06/Joel%20Trotter-cropped.jpg?itok=5NxkkXzC) 

Joel Trotter 

Latham & Watkins LLP

[![New Jennifer Schulp cropped image](/sites/cato.org/files/styles/author_picture/public/2023-03/jennifer-schulp-cropped-2.jpg?itok=kdrnmhHr)](/people/jennifer-j-schulp) 

[Jennifer J. Schulp](/people/jennifer-j-schulp)

Former Director of Financial Regulation Studies, Center for Monetary and Financial Alternatives, Cato Institute

Join us for an afternoon dedicated to discussing barriers to capital formation and the solutions to break through them. Small businesses are central to the US economy. Not only are small businesses the primary generators of new jobs, but they are also the incubators of innovation and the pipeline for future large businesses. Small businesses rely on many different sources of financial support, but the capital markets play an important role in helping small businesses grow. Unfortunately, tapping the equity markets can be difficult, owing in part to the complex web of regulations and exemptions that stand between an entrepreneur and raising capital in a securities market. Small businesses face obstacles from the tiny start-up stage through the time that a company is considering accessing the public markets.

Our program features two panels of experts who will discuss the unique challenges facing early-stage ventures and companies on the cusp of going public and explore solutions that can ease the path to capital formation for our nation’s entrepreneurs.

**Reception to follow.**

### Schedule

2:00 - 2:55 PM 

**Panel I**

**Gerry Hays,** Kelley School of Business, Indiana University 
**Karen Kerrigan,** Small Business & Entrepreneurship Council 
**Amy Reischauer**, Office of the Advocate for Small Business Capital Formation, US Securities and Exchange Commission 
[**Jennifer J. Schulp**](https://www.cato.org/people/jennifer-j-schulp), Director of Financial Regulation Studies, Center for Monetary and Financial Alternatives, Cato Institute

2:55 - 3:05 PM 

**Break**

3:05 - 4:00 PM 

**Panel II**

**Cromwell Coulson,** OTC Markets Group 
**Alex Platt,** University of Kansas School of Law 
**Joel Trotter,** Latham & Watkins LLP 
[**Jennifer J. Schulp**](https://www.cato.org/people/jennifer-j-schulp)**,** Director of Financial Regulation Studies, Center for Monetary and Financial Alternatives, Cato Institute

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