Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Governor Rabbit, thanks so
Speaker 1: much for being with us.
Speaker 2: Always a pleasure, Thank you, Julie.
Speaker 1: The Texas Stock Exchange, what specifically do you expect it
Speaker 1: to do for this economy? It's electric, it doesn't necessarily
Speaker 1: bring a lot of jobs here, but what do you
Speaker 1: expect it to do?
Speaker 3: Listen, For one, it is going to completely transform Dallas, Texas. Dallas,
Speaker 3: Texas is already a massive financial center, but when you
Speaker 3: put a stock exchange in there, that will make it
Speaker 3: really the financial heartbeat of the entire country. Importantly, Julie,
Speaker 3: one thing that it does is this, it's so important
Speaker 3: to all different types of businesses to have access to capital.
Speaker 3: This will be a stock exchange that will ensure any
Speaker 3: type of business is going to have access to capital
Speaker 3: in a business friendly state like the great state of Texas.
Speaker 1: You know, I've talked to people about the Texas Stock
Speaker 1: Exchange who say this is just a pipe dream, it's
Speaker 1: not going to happen. What do you say to them?
Speaker 2: They simply don't know the fact.
Speaker 3: So let's run through a couple of facts like this
Speaker 3: and that is as you know, but the others may
Speaker 3: not know Texas is the dominant economy in the United States.
Speaker 3: A lot of people are still locked in to the
Speaker 3: perception that New York is the leading economy. They have
Speaker 3: fallen behind for many years.
Speaker 2: Now.
Speaker 3: The economy that's moving the country is the state of Texas.
Speaker 3: For the last month and last year, Texas ranks number
Speaker 3: one for the most new jobs.
Speaker 2: For the past twelve years.
Speaker 3: Texas is ranked number one for the most new economic
Speaker 3: development projects where businesses are coming from other states or
Speaker 3: expanding within the state of Texas. But then look at
Speaker 3: the financial sector itself. There are more financial sector employees
Speaker 3: in Texas than there are in New York. Something that's
Speaker 3: very important to a stock exchange is rapid transactions. The
Speaker 3: thing that provides those rapid transactions are data centers.
Speaker 2: Already, the Dallas.
Speaker 3: Area has enough data centers to make sure that the
Speaker 3: transactions will take place at the accurate speed. However, Texas
Speaker 3: has the ease and the speed to add even more
Speaker 3: data centers than do places like New York and New Jersey.
Speaker 3: And then look at what's going on with the creation
Speaker 3: of the stock exchange. It's the best funded stock exchange
Speaker 3: to go seek permission from the SEC. Ever, and then
Speaker 3: look at the leaders of it. Leaders of it have
Speaker 3: come from the NASDAQ, come from the New York Stock
Speaker 3: Exchange parent company, have come from businesses like Charles Schwab,
Speaker 3: and also Julie. Very importantly, the lead investors in this
Speaker 3: are all of the most significant traders of stocks and
Speaker 3: other things like that in the entire country. And so
Speaker 3: all of the elements have come together to really ensure
Speaker 3: that Texas is going to kick off the stock exchange
Speaker 3: very prolifically.
Speaker 1: You know you talked about data centers here in Dallas.
Speaker 1: I do want to ask you this though, those take
Speaker 1: a lot of power, and there have been a lot
Speaker 1: of questions about our power grid here. Are you confident
Speaker 1: that the power grid can support data centers to support
Speaker 1: this Texas Stock Exchange.
Speaker 2: So, Julie, let me bring you up to date.
Speaker 3: So with what we've done, with the laws that I've signed,
Speaker 3: which is more than a dozen of them, Texas now
Speaker 3: has the stable power grid that ever since I signed
Speaker 3: those laws, no Texas has lost power because of the.
Speaker 2: Texas power grid.
Speaker 3: Right now, Texas provides more than one hundred thousand megawatts
Speaker 3: of power on any particular summer date.
Speaker 2: You may not know what that means. But here's what
Speaker 2: it does mean.
Speaker 3: Texas provides more power than New York and California combined,
Speaker 3: and so we have far more power than the study
Speaker 3: of New York As. But I signed laws that invest
Speaker 3: more and more power generation. Between now and twenty thirty,
Speaker 3: Texas is going to increase our power generation by fifty percent.
Speaker 2: Add to that.
Speaker 3: This component, we're providing economic incentives for dispatchable power such
Speaker 3: as natural gas fed power, and we are we are
Speaker 3: seeking to have data centers come and provide their own
Speaker 3: power source so that it will not be taking power
Speaker 3: away from homeowners or business owners.
Speaker 1: Elon Musk, very well known Texan now has got a
Speaker 1: lot of business here. Do you expect him when he
Speaker 1: goes public to put his companies on the stock exchange?
Speaker 2: You know?
Speaker 3: This obviously is the kind of thing that Elin is
Speaker 3: is very interesting. He's into innovation, He's into things involving Texas.
Speaker 3: He's into uh the need for speed and recognizes that
Speaker 3: this delivers the type of less regulation, more speed uh
Speaker 3: than well than maybe some other options. And this really
Speaker 3: dovetails with the way that Elon must does business.
Speaker 1: Have you discussed it yet with him?
Speaker 2: Sure?
Speaker 3: I have and and I think I think it's the
Speaker 3: kind of thing that really is up his alley.
Speaker 1: I want to ask you a little bit about the
Speaker 1: port strike now. Are you concerned about what will happen
Speaker 1: in Houston and what plan does Texas have in place
Speaker 1: to help if this really comes to fruition for a
Speaker 1: long period of time.
Speaker 3: Well, listen, Julie, this is a disaster. It is a
Speaker 3: disaster caused by the Biden Harris administration. They've seen this
Speaker 3: coming for months. They've had months, if not close to
Speaker 3: a year, to be able to negotiate it. And during
Speaker 3: the time when they had the ability to negotiate a
Speaker 3: solution of this, they were either on the beach or
Speaker 3: they were out fundraising, not taking care of it the
Speaker 3: way they should. And know this, Julie, and that is
Speaker 3: when you look at the magnitude of the porch, you know,
Speaker 3: ranging from New York all the way down to the
Speaker 3: Gulf Coast, and see that the products they're going to
Speaker 3: be stuck on docks because of this, once again is
Speaker 3: going to be Biden and Harris in their neglect here.
Speaker 2: That's going to lead to more inflation shortages in stores.
Speaker 3: People going to be paying more for groceries more for
Speaker 3: items like clothing and things like that. Americans are already
Speaker 3: saying that the economy is the number one in the
Speaker 3: United States. They're angry at the Harris and Biden administration.
Speaker 3: This is going to stoke that anger even more and
Speaker 3: it could tilt the scales and the upcoming.
Speaker 1: Election, even though you have an election coming up and
Speaker 1: whether who is responsible on like at this point though,
Speaker 1: what is the plan? Is there a plan in Texas
Speaker 1: to help in terms of the ports or do you
Speaker 1: believe this is just one that's up to the federal government.
Speaker 3: Well, listen, the federal government has been in charge of
Speaker 3: this the entire time, and for obvious reasons. There's an NLRB,
Speaker 3: there's a Department of Labor, there's the negotiations that the
Speaker 3: President has already talked about that he was involved in.
Speaker 3: But the negotiations the President was involved in have been fruitless.
Speaker 3: And so this is something that will fall heavily upon
Speaker 3: the Biden and Harris administration because this doesn't involve Texas.
Speaker 3: This involves the country and the countries leaders in charge
Speaker 3: of this, whether it be Biden, Harris, whether it be
Speaker 3: the Secretary of Commerce who says she really wasn't involved
Speaker 3: in this, whether it be the Secretary of Transportation Buddha
Speaker 3: Judge who was doing nothing but trying to prepare walls
Speaker 3: for the debate. They have abandoned ship, abandoned their responsibility
Speaker 3: to address what's going to be a pressing issue that's
Speaker 3: going to come back to haunt them because the unlike
Speaker 3: COVID that disrupted the supply chain, this is directly caused
Speaker 3: by the Harris Biden administration.
Speaker 1: Last question is, as you bring up the election, you
Speaker 1: have a Senate race here in Texas, one that poll
Speaker 1: show is extremely close. Are you concerned how this will
Speaker 1: be down ballot?
Speaker 3: Listen, what we've seen is in the most recent three polls,
Speaker 3: Ted Cruz is beginning to pull away.
Speaker 2: And there's a reason for that.
Speaker 3: His opponent had been advertising on TV for something like
Speaker 3: five months, in advertising on TV when Ted Cruz was
Speaker 3: not Now Ted Cruz is doing advertising pointing out to
Speaker 3: Texans exactly why Ted Cruse's opponent is not a right
Speaker 3: fit for the state of Texas.
Speaker 2: He holland All read.
Speaker 3: Ted Quiz's opponent is against the border wall, against border security,
Speaker 3: He's in favor of men participating in women's sports. All
Speaker 3: of those things are hostile to the value sets not
Speaker 3: just of Republicans, but also of independence and even some Democrats.
Speaker 1: Devor Rabbit, thanks so much for being with us. We
Speaker 1: appreciate your time today my pleasure.
Speaker 2: Thank you. Take care, Julie