Deep, liquid, transparent public capital markets are vital to long-term economic growth and resiliency. In a challenging global economy, the strength of public markets takes on added importance. They allow small and emerging companies to raise capital cheaply and efficiently from a large, diverse investor base to build their businesses and hire new employees. Public markets provide everyday investors with opportunities to share in the success of emerging growth companies as they build wealth for lifetime financial security. What is the state of public capital markets? How should lawmakers make public capital markets more attractive for small and emerging companies raising capital? What should regulators and market participants do to make trading in public capital markets more fair, orderly, and efficient?