As a public servant, business owner, and active member of the Republican State Central Committee from New Orleans, my top priorities have always been cultivating and maintaining a strong business climate and furthering economic development in our state. However, I am concerned about some of the legislation I have seen this session, which seems to be anti-free market, pro-big government intrusion, and ultimately bad for business. One particular bill, Senate Bill 234, could have disastrous and unintended consequences for businesses and Louisiana taxpayers. This bill could reduce the number of financial institutions eligible to compete for and finance taxpayer-funded projects such as road construction, school maintenance, assets for first responders, and healthcare.
A competitive bond market is essential for the best interests of businesses, municipalities, and taxpayers. It allows towns and cities to innovate infrastructure development, create jobs, and foster an economic environment where businesses can thrive. In 2021, Texas passed similar legislation that banned local municipalities from conducting business with certain financial institutions at the discretion of its attorney general. A study on the impact of this legislation projected that Texas could lose nearly $670 million in economic activity, 3,034 full-time permanent jobs
