As a public servant, member of the Republican State Central Committee, and business owner from New Orleans, I have always made it my top priority to cultivate and maintain a strong business climate while furthering economic development in our state. However, I am deeply concerned about some of the misguided legislation that is being considered this session.
One such bill is Senate Bill 234, which aims to restrict financial institutions from participating in projects funded by taxpayers. This bill overlooks the basic principles of economics and could have disastrous consequences for businesses and Louisiana taxpayers alike. A competitive bond market is essential for businesses, municipalities, and taxpayers alike as it allows for innovation in infrastructure development, job creation, and a favorable economic environment for businesses to thrive.
In 2021, Texas passed similar legislation that restricted local municipalities from doing business with specific financial institutions at the discretion of its attorney general. A recent study on the impact of this legislation in Texas revealed significant economic losses, job cuts, and reduced tax revenues. Louisiana cannot afford to follow down the same path as Texas if we want businesses and residents to succeed in our state.
If we want our families, businesses, and taxpayers to thrive in Louisiana, we need pro-growth policies that prioritize economic growth and prosperity for all. I urge our lawmakers and residents to oppose unnecessary government interference in projects that could harm our economy. We must prioritize policies that support economic growth and prosperity for all Louisianans.