Is it fair? Is it transparent for the average investor? These were the questions raised by Chairman Reed during the course of the hearing to broadly examine the IPO process. Because investor confidence is low, the Subcommittee endeavored to look at a number of IPO market reforms. The Subcommittee also looked at a number of IPO changes,enacted in the JOBS Act, that could perhaps increase investor risk.

Senator Reed was the only Member in attendance so witnesses were not engaged in the usual member question and answer discussions. Still, the balanced panel presented a full menu of suggestions and concerns that will help frame further considerations.