The launch of the Texas Stock Exchange (TXSE) is another sign that Texas is becoming a major force in American finance. With TXSE announcing its launch, Consumers’ Research Executive Director Will Hild explains, in his recently published op-ed “The Texas Stock Exchange must stay true to Texas values,” why Texas earned this moment and why Texans shouldn’t forget what drove businesses to seek an alternative in the first place.

Hild argues that while Texas’ rise as a financial powerhouse is worth celebrating, the state should remain committed to “building an environment to free businesses from political activism.

“Texas earned this moment by embracing lower taxes, lighter regulation, and, perhaps most importantly, better governance laws and more favorable proxy rules designed to make the state the best place in America to do business.

But Texans should remember why those reforms became necessary.

For years, some of Wall Street’s largest financial institutions embraced Environmental, Social, and Governance (ESG) activism, using their enormous influence to pressure companies on political and social issues far beyond their fiduciary responsibilities. Many Texans viewed those efforts as an attempt to use financial power to reshape industries that are foundational to the state’s economy and culture.”