Flanked by Dallas Cowboys cheerleaders, business leaders, exchange officials and Cowboys owner Jerry Jones, Gov. Greg Abbott touted Texas’ business friendly policies before ringing the New York Stock Exchange’s closing bell at AT&T Stadium Wednesday.
The Texas branch of the exchange opened at the end of March when the Chicago Stock Exchange officially relocated to Dallas, marking the end of its 143 years in the largest city in Illinois.
The Texas Workforce Commission announced earlier in August its chairman, Bryan Daniel, would leave the commission to head NYSE Texas. Prior to leading the Texas Workforce Commission, Daniel was a member of Abbott’s senior staff.
“This is the home of the economy,” Abbott said of Texas before ringing the bell. “It's going to be the home of financial exchanges going forward. It is going to be Y’all Street instead of Wall Street.”
The Texas governor said it was important for the state to continue embracing policies that make the state attractive to businesses and corporations.
“We've got to keep our vision going forward,” he said ahead of the market’s close Wednesday. “Vision going forward requires us to pass policies that will continue to attract and grow businesses here in the state.”
Abbott has bragged the exchange is a sign of Texas’ economic health, along with plans to open the separate Texas Stock Exchange. The Texas Stock Exchange is slated to open early next year.
The Nasdaq, another exchange, announced in a March news release it would be opening its own regional headquarters in Dallas. Nasdaq already has around 800 clients based in Texas, according to the release.
Bulent Temel, an economics professor at the University of Texas at San Antonio, told the Texas Standard in February that the exchanges do speak to the business allure of Texas.
“Certainly, it’s a testament to the Texas economy’s overall attractiveness,” he told David Brown, host of the Texas Standard. “It’s been a very vibrant and robust state economy in the world’s leading economy, the U.S., and that catches a lot of attention.”
Abbott also used the opportunity to make a pitch to any businesses not already based out of the Lone Star State before ringing the closing bell.
“If you want to live in a state that has fewer taxes, come to the Lone Star State of Texas,” he said.
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