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DALLAS — As businesses and capital move away from traditional financial centers like New York and California, one Southern state is making an increasingly aggressive bid to become America’s next financial powerhouse.
Speaking to Fox News Digital from the Texas Stock Exchange headquarters in Dallas, former Congressman Jeb Hensarling, a strategic advisor to the exchange, said Texas is already becoming “America’s economic center of gravity.”
“Texas is truly becoming America’s economic center of gravity,” Hensarling said.
“As New York pushes out more and more capital, Texas says, ‘You’re welcome.’ We have rolled out the welcome mat, whereas in New York, capital is not really made to feel at home, and capital wants to go where it is made to feel at home. »
AMERICA’S NEXT ECONOMIC POWER COULD BE RISE IN RED STATE TERRITORY
As companies leave high-cost states, Texas has become the undisputed top destination. (Tom Fox/The Dallas Morning News/Getty Images)
The Texas Stock Exchange, which received approval from the Securities and Exchange Commission last year, is designed to compete with the New York Stock Exchange and Nasdaq by giving companies another venue to go public and list their shares.
Supporters say the exchange is the latest sign that the Lone Star State is evolving from a corporate relocation destination to a financial hub capable of challenging Wall Street.
“Texas has been a great place to do business for decades,” Hensarling said. “But increasingly, it’s a great place to base your business. Over the last two legislative sessions, thanks to laws passed, it’s a great place to incorporate your business. And the final piece of that puzzle was the Texas Stock Exchange, which now makes Texas the best place to list your business and take it public.”
THIS STATE IS NOT JUST GROWING – ITS ECONOMY IS BECOMING RICHER PER RESIDENT
The Texas Stock Exchange, which aspires to halt trading of Nasdaq and New York Stock Exchange stocks, is gaining its first followers thanks to Dallas business leaders with close ties to the market. (Michael Nagle/Bloomberg/Getty Images)
The exchange has already secured primary listings from companies including Energy Transfer, Dillard’s, Sunoco and Texas Capital Bank. Hensarling said support from major financial firms such as JPMorgan and BlackRock, as well as executives recruited from competing exchanges, demonstrates that the company is more than a branding exercise.
“They don’t put their capital where they think they’re going to lose money,” Hensarling said. “There’s already a lot of validation from the market.”
Hensarling also dismissed criticism that “Y’all Street” is little more than a catchy slogan.
“If it was a gimmick, I’m not really sure the competition would all of a sudden put offices here,” he said.
Hensarling pointed to the exchange’s backers, executives recruited from rival exchanges and companies that chose Texas as their primary listing as evidence that it is quickly becoming a credible competitor.
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The Texas Stock Exchange has already announced primary listings for companies including Energy Transfer, Dillard’s, Sunoco and Texas Capital Bank. (Al Drago/Bloomberg/Getty Images)
Hensarling said the exchange was simply the latest chapter in Texas’ broader economic rise.
“People come to Texas because, again, the capital feels welcome,” he said. “It’s an economic juggernaut…by and large, they come here because this is where the economic action is happening.”
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