WEBVTT - Gov. Greg Abbott Talks Stock Exchange, Port Strikes

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. Governor Rabbit, thanks so

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<v Speaker 1>much for being with us.

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<v Speaker 2>Always a pleasure, Thank you, Julie.

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<v Speaker 1>The Texas Stock Exchange, what specifically do you expect it

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<v Speaker 1>to do for this economy? It's electric, it doesn't necessarily

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<v Speaker 1>bring a lot of jobs here, but what do you

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<v Speaker 1>expect it to do?

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<v Speaker 3>Listen, For one, it is going to completely transform Dallas, Texas. Dallas,

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<v Speaker 3>Texas is already a massive financial center, but when you

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<v Speaker 3>put a stock exchange in there, that will make it

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<v Speaker 3>really the financial heartbeat of the entire country. Importantly, Julie,

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<v Speaker 3>one thing that it does is this, it's so important

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<v Speaker 3>to all different types of businesses to have access to capital.

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<v Speaker 3>This will be a stock exchange that will ensure any

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<v Speaker 3>type of business is going to have access to capital

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<v Speaker 3>in a business friendly state like the great state of Texas.

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<v Speaker 1>You know, I've talked to people about the Texas Stock

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<v Speaker 1>Exchange who say this is just a pipe dream, it's

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<v Speaker 1>not going to happen. What do you say to them?

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<v Speaker 2>They simply don't know the fact.

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<v Speaker 3>So let's run through a couple of facts like this

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<v Speaker 3>and that is as you know, but the others may

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<v Speaker 3>not know Texas is the dominant economy in the United States.

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<v Speaker 3>A lot of people are still locked in to the

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<v Speaker 3>perception that New York is the leading economy. They have

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<v Speaker 3>fallen behind for many years.

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<v Speaker 2>Now.

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<v Speaker 3>The economy that's moving the country is the state of Texas.

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<v Speaker 3>For the last month and last year, Texas ranks number

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<v Speaker 3>one for the most new jobs.

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<v Speaker 2>For the past twelve years.

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<v Speaker 3>Texas is ranked number one for the most new economic

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<v Speaker 3>development projects where businesses are coming from other states or

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<v Speaker 3>expanding within the state of Texas. But then look at

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<v Speaker 3>the financial sector itself. There are more financial sector employees

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<v Speaker 3>in Texas than there are in New York. Something that's

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<v Speaker 3>very important to a stock exchange is rapid transactions. The

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<v Speaker 3>thing that provides those rapid transactions are data centers.

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<v Speaker 2>Already, the Dallas.

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<v Speaker 3>Area has enough data centers to make sure that the

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<v Speaker 3>transactions will take place at the accurate speed. However, Texas

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<v Speaker 3>has the ease and the speed to add even more

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<v Speaker 3>data centers than do places like New York and New Jersey.

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<v Speaker 3>And then look at what's going on with the creation

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<v Speaker 3>of the stock exchange. It's the best funded stock exchange

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<v Speaker 3>to go seek permission from the SEC. Ever, and then

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<v Speaker 3>look at the leaders of it. Leaders of it have

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<v Speaker 3>come from the NASDAQ, come from the New York Stock

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<v Speaker 3>Exchange parent company, have come from businesses like Charles Schwab,

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<v Speaker 3>and also Julie. Very importantly, the lead investors in this

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<v Speaker 3>are all of the most significant traders of stocks and

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<v Speaker 3>other things like that in the entire country. And so

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<v Speaker 3>all of the elements have come together to really ensure

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<v Speaker 3>that Texas is going to kick off the stock exchange

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<v Speaker 3>very prolifically.

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<v Speaker 1>You know you talked about data centers here in Dallas.

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<v Speaker 1>I do want to ask you this though, those take

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<v Speaker 1>a lot of power, and there have been a lot

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<v Speaker 1>of questions about our power grid here. Are you confident

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<v Speaker 1>that the power grid can support data centers to support

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<v Speaker 1>this Texas Stock Exchange.

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<v Speaker 2>So, Julie, let me bring you up to date.

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<v Speaker 3>So with what we've done, with the laws that I've signed,

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<v Speaker 3>which is more than a dozen of them, Texas now

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<v Speaker 3>has the stable power grid that ever since I signed

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<v Speaker 3>those laws, no Texas has lost power because of the.

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<v Speaker 2>Texas power grid.

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<v Speaker 3>Right now, Texas provides more than one hundred thousand megawatts

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<v Speaker 3>of power on any particular summer date.

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<v Speaker 2>You may not know what that means. But here's what

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<v Speaker 2>it does mean.

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<v Speaker 3>Texas provides more power than New York and California combined,

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<v Speaker 3>and so we have far more power than the study

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<v Speaker 3>of New York As. But I signed laws that invest

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<v Speaker 3>more and more power generation. Between now and twenty thirty,

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<v Speaker 3>Texas is going to increase our power generation by fifty percent.

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<v Speaker 2>Add to that.

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<v Speaker 3>This component, we're providing economic incentives for dispatchable power such

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<v Speaker 3>as natural gas fed power, and we are we are

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<v Speaker 3>seeking to have data centers come and provide their own

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<v Speaker 3>power source so that it will not be taking power

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<v Speaker 3>away from homeowners or business owners.

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<v Speaker 1>Elon Musk, very well known Texan now has got a

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<v Speaker 1>lot of business here. Do you expect him when he

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<v Speaker 1>goes public to put his companies on the stock exchange?

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<v Speaker 2>You know?

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<v Speaker 3>This obviously is the kind of thing that Elin is

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<v Speaker 3>is very interesting. He's into innovation, He's into things involving Texas.

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<v Speaker 3>He's into uh the need for speed and recognizes that

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<v Speaker 3>this delivers the type of less regulation, more speed uh

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<v Speaker 3>than well than maybe some other options. And this really

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<v Speaker 3>dovetails with the way that Elon must does business.

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<v Speaker 1>Have you discussed it yet with him?

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<v Speaker 2>Sure?

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<v Speaker 3>I have and and I think I think it's the

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<v Speaker 3>kind of thing that really is up his alley.

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<v Speaker 1>I want to ask you a little bit about the

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<v Speaker 1>port strike now. Are you concerned about what will happen

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<v Speaker 1>in Houston and what plan does Texas have in place

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<v Speaker 1>to help if this really comes to fruition for a

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<v Speaker 1>long period of time.

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<v Speaker 3>Well, listen, Julie, this is a disaster. It is a

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<v Speaker 3>disaster caused by the Biden Harris administration. They've seen this

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<v Speaker 3>coming for months. They've had months, if not close to

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<v Speaker 3>a year, to be able to negotiate it. And during

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<v Speaker 3>the time when they had the ability to negotiate a

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<v Speaker 3>solution of this, they were either on the beach or

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<v Speaker 3>they were out fundraising, not taking care of it the

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<v Speaker 3>way they should. And know this, Julie, and that is

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<v Speaker 3>when you look at the magnitude of the porch, you know,

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<v Speaker 3>ranging from New York all the way down to the

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<v Speaker 3>Gulf Coast, and see that the products they're going to

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<v Speaker 3>be stuck on docks because of this, once again is

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<v Speaker 3>going to be Biden and Harris in their neglect here.

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<v Speaker 2>That's going to lead to more inflation shortages in stores.

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<v Speaker 3>People going to be paying more for groceries more for

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<v Speaker 3>items like clothing and things like that. Americans are already

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<v Speaker 3>saying that the economy is the number one in the

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<v Speaker 3>United States. They're angry at the Harris and Biden administration.

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<v Speaker 3>This is going to stoke that anger even more and

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<v Speaker 3>it could tilt the scales and the upcoming.

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<v Speaker 1>Election, even though you have an election coming up and

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<v Speaker 1>whether who is responsible on like at this point though,

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<v Speaker 1>what is the plan? Is there a plan in Texas

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<v Speaker 1>to help in terms of the ports or do you

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<v Speaker 1>believe this is just one that's up to the federal government.

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<v Speaker 3>Well, listen, the federal government has been in charge of

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<v Speaker 3>this the entire time, and for obvious reasons. There's an NLRB,

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<v Speaker 3>there's a Department of Labor, there's the negotiations that the

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<v Speaker 3>President has already talked about that he was involved in.

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<v Speaker 3>But the negotiations the President was involved in have been fruitless.

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<v Speaker 3>And so this is something that will fall heavily upon

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<v Speaker 3>the Biden and Harris administration because this doesn't involve Texas.

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<v Speaker 3>This involves the country and the countries leaders in charge

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<v Speaker 3>of this, whether it be Biden, Harris, whether it be

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<v Speaker 3>the Secretary of Commerce who says she really wasn't involved

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<v Speaker 3>in this, whether it be the Secretary of Transportation Buddha

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<v Speaker 3>Judge who was doing nothing but trying to prepare walls

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<v Speaker 3>for the debate. They have abandoned ship, abandoned their responsibility

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<v Speaker 3>to address what's going to be a pressing issue that's

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<v Speaker 3>going to come back to haunt them because the unlike

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<v Speaker 3>COVID that disrupted the supply chain, this is directly caused

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<v Speaker 3>by the Harris Biden administration.

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<v Speaker 1>Last question is, as you bring up the election, you

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<v Speaker 1>have a Senate race here in Texas, one that poll

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<v Speaker 1>show is extremely close. Are you concerned how this will

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<v Speaker 1>be down ballot?

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<v Speaker 3>Listen, what we've seen is in the most recent three polls,

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<v Speaker 3>Ted Cruz is beginning to pull away.

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<v Speaker 2>And there's a reason for that.

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<v Speaker 3>His opponent had been advertising on TV for something like

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<v Speaker 3>five months, in advertising on TV when Ted Cruz was

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<v Speaker 3>not Now Ted Cruz is doing advertising pointing out to

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<v Speaker 3>Texans exactly why Ted Cruse's opponent is not a right

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<v Speaker 3>fit for the state of Texas.

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<v Speaker 2>He holland All read.

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<v Speaker 3>Ted Quiz's opponent is against the border wall, against border security,

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<v Speaker 3>He's in favor of men participating in women's sports. All

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<v Speaker 3>of those things are hostile to the value sets not

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<v Speaker 3>just of Republicans, but also of independence and even some Democrats.

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<v Speaker 1>Devor Rabbit, thanks so much for being with us. We

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<v Speaker 1>appreciate your time today my pleasure.

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<v Speaker 2>Thank you. Take care, Julie