Despite subsequent rallies, the steep stock-market declines in early August and following volatility highlight the damage that Biden-Harris administration policies are inflicting on U.S. markets with dire consequences for the retirement savings of Americans who are not government employees with pensions. These destructive policies need to be reversed as soon as possible to protect the retirement savings of average Americans.
Under the Biden-Harris administration, the Securities and Exchange Commission (SEC) has continued Obama-era policies that are steadily reducing the number of public companies in the U.S. and drastically limiting the investing choices of average Americans, including in their 401(k) or IRA retirement accounts.
In 2021, when most of the Trump administration’s policies were still in place, the U.S. had 1,035 initial public offerings (IPO) of company stock, including many transactions involving the merger of public special purpose acquisition vehicles (SPACs) with private companies. Once the Biden-Harris SEC implemented its policies, U.S. initial public offerings plunged to 181 in 2022 and 154 last year.