House Financial Services Committee Testimony Highlights the Need to Improve IPO Market, Increase Access to Private Securities Offerings  Crowdfund Insider. : Late last month, the House Committee on Financial Services held a hearing addressing the topic of capital formation and the state of the US initial public offering market. While several witnesses focused on the rapid rise of SPACs, one witness pointed to the precipitous decline in IPOs and the fact that companies are remaining private as long as possible – thus cutting out smaller investors from the growth opportunity.