Washington, D.C. – Today, Unlocking America’s Future released a new explainer video on the consequences of Texas’ responsible investing bans, highlighting the hundreds of millions of dollars in taxpayer burdens and thousands of jobs lost at the hands of wealthy billionaires and self-serving politicians. Featuring commentary from Houston Controller Chris Collins at a recent press briefing hosted by Unlocking America’s Future, the video is part of the “Textremism” campaign, which aims to educate Texans and the nation about how these extreme policies in Texas are undoing the “Texas miracle.”
“Self-serving politicians and greedy CEOs will stop at nothing to protect their bottom line at the expense of Texas taxpayers, putting an end to the ‘Texas Miracle,’” said Unlocking America’s Future Spokesperson Kyle Herrig. “State legislators need to focus on the actual issues facing Texas rather than bowing to the special interests and billionaires funding their campaigns. Texas voters are catching on and are fed up. This video lays bare how bans on responsible investing hurt business, jobs and the environment, and endanger the economic future of Texas.”
Texas anti-ESG laws SB13 and SB19 have cost the state nearly $700 million in lost economic activity, according to new research from the Texas Association of Business (TAB) and economic consulting firm TXP. Since the laws went into effect in 2021, Texas public entities have been forced to divest from financial institutions that practice responsible investing, resulting in a loss of over 3,000 full-time, permanent jobs.
Research and new Unlocking America’s Future polling shows:
- Over the next 30 years, anti-responsible investing laws in Texas have the potential to cost taxpayers $22 billion in higher interest rates and fees.
- Anti-abortion laws in Texas create an average economic loss of over $23 billion due to labor force reductions, lower earning levels, increased turnover, and increased time off from work among women in the private sector.
- While Texas lawmakers prop up the firearm industry with lax laws and incentives, taxpayers lose out on $53.1 billion every year due to gun violence costs.
- Texans overwhelmingly (91%) trust banks and professional investors over politicians when deciding whether a company is a worthwhile investment.
- An overwhelming majority of Texas voters (82%) agree that “a company’s poor record on the environment, workers’ rights, and other social issues is a financial risk investors should be able to consider along with other factors when determining whether to invest.”
Unlocking America’s Future’s multi-pronged “Textremism” campaign also includes a six-figure digital ad buy, rapid response, and earned media. The explainer video – which is not part of the paid ad campaign – is also available on the campaign’s hub, Textremism.com, and YouTube.
