Friends,
This week, Governor Greg Abbott was in Florida, joining Governor DeSantis and representatives from the SEC, the Texas Stock Exchange, and others to celebrate the Boom Belt. A new report highlights Texas’ continued dominance in convincing businesses to move their operations both physically and legally.
At the same time, affordability issues continue to dominate conversations from El Paso to Beaumont and Amarillo to Brownsville. ABC13 recently highlighted how rising insurance costs are forcing some drivers to risk going without. This report comes out just as lawmakers make affordability a priority, as well as identifying and stopping fraud, waste, and abuse. These stories and more are highlighted in this week’s news round-up.
On Tuesday, the Boom Belt was officially launched in Miami, with Governors Greg Abbott and Ron DeSantis joining Texas Stock Exchange CEO Jim Lee, SEC Chairman Paul Atkins, and Citadel Securities President Jim Esposito. At the event, the panel touted recent changes to tort reform and corporate organization in 11 states across the Southeast and the Gulf Coast, dubbed the Boom Belt. Panelists encouraged investors and other company leaders to look to Boom Belt states for future growth opportunities.
Of course, the data is clear: Texas is the golden buckle of the belt, holding this coalition of states together. A report released this week highlights the ongoing shift in headquarters and corporate relocations, with Texas continuing to lead the pack.
Additionally, another oil industry company is planning to move its corporate home back to the US, specifically into Texas, after spending decades operating mostly out of the Houston area. Weatherford Precision Energy announced last week that it plans to make the move from Ireland.
“We believe that our redomestication to the United States, and specifically to Texas where our leadership and central organizational expertise reside, strengthens our ability to execute on our strategy with even greater clarity and efficiency.” —CEO Girish Saligram
A Texas-based policy group is sounding the alarm after a new study found that more and more drivers in Harris County are going without auto insurance because of rising premiums. The report highlights a growing problem in the state, one that could exacerbate the issue for drivers with coverage who get into an accident with an uninsured driver.
“…insurance works best when everyone has it, because if a non-insured driver hits you, you’re the one who will see an increase on your bill, and if you don’t have insurance, you could face fines and legal penalties. The problem now is for lawmakers to create consumer protections and make the price more manageable for more people.” —ABC 13 News Report
Affordability is top of mind for lawmakers as they begin holding Interim committee hearings in Austin. A review of the interim charges for the Texas House and Texas Senate found that affordability and fraud prevention are common themes across most legislative committees. Lawmakers are taking a significant interest in addressing cost-of-living issues affecting Texans, their families, and their businesses.
Highlights include the House Insurance Committee studying the drivers of rising insurance premiums in Texas (hint: lawsuit abuse is a major driver for the hidden tort tax). Elsewhere, the House Committee on Homeland Security, Public Safety, and Veterans’ Affairs is investigating the influence of foreign-adversary investments. TLR has continued to highlight the problem of Third Party Litigation Funding, particularly from foreign adversaries such as Russia, China, and others. TLR will continue to monitor these hearings and provide updates as they are available.
