U.S. Senator John Cornyn of Texas has expressed his support for the Texas Stock Exchange’s (TXSE) application to become a National Securities Exchange. In a letter to the U.S. Securities and Exchange Commission (SEC), Cornyn highlighted the potential benefits of approving TXSE’s application.
“If approved, the TXSE will bolster competition in all areas of the exchange business, including listings, trading technology, market structure, market data, and market connectivity,” wrote Sen. Cornyn.
Cornyn emphasized Texas’s growing role as a global business hub and its leadership in economic development and job growth. He noted that expanding public capital markets beyond New York would align with Texas’s pro-business culture.
“Texas is emerging as a new global business and financial hub. The Lone Star State leads the nation in economic development, job growth, and corporate relocations. I believe that TXSE’s plan to expand the public capital markets beyond New York would complement Texas’ diverse pro-business culture,” he continued.
Cornyn also discussed the decline in publicly traded companies over recent decades and how a new exchange could provide more options for issuers to drive innovation and improve capital formation.
“The TXSE has significant potential to take the U.S. economy to new heights, providing entrepreneurs and businesses with new opportunities for advancement and increased investment,” he concluded.
The full text of Cornyn’s letter was addressed to Ms. Vanessa Countryman, Secretary of the SEC.
Cornyn underscored his commitment to fostering an economic environment conducive to production, entrepreneurship, and job growth during his tenure on the Senate Finance Committee.
In closing his letter, Cornyn expressed gratitude for having had the opportunity to share his views on TXSE’s application with hopes for SEC approval.
