Texas is building the future of American finance with undeniable momentum.
Texas is home to more Fortune 500 headquarters than any other state. We rank first in the nation for financial services employment. With three securities exchanges operating in our state, Texas has solidified its position as the new financial capital of America.
The Texas Stock Exchange is at the center of this transformation. Built and headquartered in Dallas, TXSE began live trading this summer as a new national marketplace for securities. The first primary listings are expected this fall, with corporate listings and initial public offerings to follow.
This homegrown exchange represents a pivotal milestone in the rise of Y’all Street, and is also part of an even larger Texas success story.
NYSE Texas was the first to open for business in Dallas last year. NASDAQ Texas followed this spring, establishing a new regional headquarters in Dallas as a fully operational dual-listing exchange.
These exchanges are expanding the infrastructure through which American companies raise capital, investors participate in our economy and new ideas become growing enterprises. Their presence is a powerful affirmation that the future of American finance is increasingly being shaped right here in the Lone Star State.
That future is being built upon an already formidable financial sector.
Charles Schwab’s corporate headquarters and Fidelity’s Westlake campus employ thousands of people, many of whom call Denton County and the surrounding communities home. Texas is now JPMorganChase’s largest employment base in the United States. Goldman Sachs already employs approximately 4,000 people across Dallas-Fort Worth and is developing an 800,000-square-foot Dallas campus with the capacity to accommodate more than 5,000 employees.
The momentum continues across the financial landscape as Wells Fargo, Scotiabank, Vanguard, Fisher Investment, along with many others are establishing and expanding consequential operations throughout North Texas. This means more jobs, more investment and more opportunities for our children to build consequential careers right in the communities that raised them.
The promise of Y’all Street extends far beyond the world of finance.
It matters to the teacher building a pension, the police officer contributing to a retirement account, the parents saving for college and the small business owner working to turn a good idea into a growing enterprise.
Millions of hardworking Texans who may not think of themselves as investors participate in our capital markets. Their pensions, 401(k)’s, individual retirement accounts and college savings plans depend upon markets that are competitive, transparent and accessible.
Greater competition among exchanges can encourage innovation, improve services and expand choices for companies and investors. That is one of the fundamental strengths of free enterprise: competition requires institutions to work harder and serve people better.
A robust capital market also gives businesses more pathways to secure the investment they need to grow. When a Texas company can more effectively connect with investors, the impact reaches far beyond the boardroom. It can mean a new manufacturing facility, additional equipment for a family-owned business, a promising technology brought to market and good-paying jobs created in communities across our state.
Capital formation is how ideas become businesses, businesses create jobs and working families gain opportunities to build lasting prosperity.
Texas did not arrive at this moment by accident. Our longstanding commitment to limited government, economic freedom and predictable regulation created fertile ground for investment. During the 89th Legislature, we further strengthened that foundation with key reforms designed to make Texas the nation’s premier destination for businesses, investors and innovators.
I authored Senate Bill 1057 to ensure that those seeking to place proposals before a Texas public company’s shareholders actually have skin in the game, with a meaningful financial stake in that company. Rather than allowing activists with nominal investments to commandeer the proxy process, the law establishes reasonable ownership, holding-period and solicitation requirements.
Senate Bill 29 strengthened the Texas Business Organizations Code and codified the business judgment rule, providing greater clarity and protection for directors making good-faith business decisions. This helps shield responsible business leaders from costly and frivolous litigation while preserving appropriate accountability.
I also authored Senate Bill 1058 to ensure that securities exchanges are taxed on their actual net revenue.
I sponsored House Joint Resolution 4, approved overwhelmingly by Texas voters last November, to constitutionally prohibit a state tax on securities transactions.
Together with our specialized business courts, these measures send an unmistakable message: Texas intends to remain a stable, serious, and competitive home for capital formation.
That stability matters. Businesses making long-term investments need confidence that the rules will not be rewritten with every political season. Investors deserve transparent markets and consistent standards. Working families need an economy in which they can earn, save, invest and build a future that lasts for the next generation.
The rise of Y’all Street is about much more than moving financial jobs from one part of the country to another. It is about expanding the geography of opportunity and establishing Texas as the center of America’s financial future – powered by free enterprise.
It’s helping Texas businesses find the capital to grow, creating world-class careers close to home and giving more working Texans a meaningful stake in our nation’s continued prosperity.
Economic leadership is never guaranteed. Texas will maintain this advantage only if we continue upholding the principles that got us here: limited government, fair and predictable laws, vigorous competition and an unwavering confidence in free enterprise.
Y’all Street is no longer just a nickname or an ambition. It is the new center of American capital formation—and proof that the financial future of our nation is being built in Texas.
It is an honor to serve you in the Texas Senate, and I hope you will stay in touch. You can reach me at [email protected] or call 512.463.0112. Also, please be sure to follow @TanParkerTX for more updates and news from Senate District 12 and around the state.
