Austin, Texas — Senator Tan Parker announced today the filing of a package of four bills to further strengthen the Texas economy by encouraging the development of capital markets in Texas.

Texas is already home to more Fortune 500 companies than almost any other state in the country, and that number is poised to grow as Texas becomes a hub for financial services on a global scale. Now is the time for the legislature to step forward to support continued business growth and provide foundational public policies that will pave the way for financial markets to flourish in Texas.

"American capitalism's center of gravity is shifting to Texas," said Senator Parker. "With the passage of this "Texas Capital Markets" package, Texans can be assured that our state will continue to lead the nation in economic progress."

Together the four bills provide critically important provisions in state law that will serve to guide the development of capital markets in Texas. A registration to establish the first stock exchange to be headquartered in Texas is presently under considered the U.S. Securities and Exchange Commission.

Highlights of the four pieces of legislation include:

• A constitutional amendment to prohibit the imposition of a tax on securities transactions occurring on a registered stock exchange market in Texas.
• A clarification of the Texas Franchise Tax as it applies to the total revenue of a registered securities market operator.
• Codification of a strong business judgment presumption in the Texas Business Organizations Code to encourage highly qualified persons to serve on corporate governing boards.
• A requirement that any shareholder of a public company must own a meaningful amount of shares in that company before forcing other shareholders to vote on his/her proposal.

"Passage of the four bills in the Texas Capital Markets package will demonstrate that Texas is eager support a robust economic environment for business growth, job creation and investor participation," Parker added. "It's time for the bull market to come home to Main Street in Texas.

The legislation is now filed and awaiting committee referral. Senator Parker looks forward to working with his colleagues to advance these critical initiatives.

For more information, please contact Senator Parker’s office at (512) 463-0112.

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