Texas pushes to become a new financial hub

Texas is positioning itself as a growing financial center as companies and capital move away from traditional hubs such as New York and California. Speaking from the Texas Stock Exchange headquarters in Dallas, former Congressman Jeb Hensarling said the state is becoming the country’s “economic center of gravity” because it is seen as more welcoming to capital and business activity. The Texas Stock Exchange, approved by the Securities and Exchange Commission last year, is designed to compete with the New York Stock Exchange and Nasdaq by giving companies another place to list shares and go public. Supporters say the exchange reflects Texas’s broader rise as a destination for corporate relocations, incorporations, and primary listings. The exchange has already drawn listings from companies including Energy Transfer, Dillard’s, Sunoco, and Texas Capital Bank. Hensarling said support from firms such as JPMorgan and BlackRock, along with executives recruited from rival exchanges, suggests the effort has gained credibility in the market.