As a business owner from New Orleans and an active member of the Republican State Central Committee, I have always been committed to cultivating and maintaining a strong business climate and promoting economic development in our state. However, I am deeply concerned about some of the legislation I have seen this session, which seems to be anti-free market and pro-big government intervention.
One particular bill that has caught my attention is Senate Bill 234. This bill could have disastrous consequences for businesses and Louisiana taxpayers if passed. It would 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. This would limit competition in the bond market, making it harder for municipalities to innovate infrastructure development, create jobs, and foster an economic environment where businesses can thrive.
I believe that a competitive bond market is essential for the best interests of businesses, municipalities, and taxpayers. 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, and over $37 million in state and local tax revenue. The negative consequences of this legislation are already being felt by Texas taxpayers who are experiencing skyrocketing property taxes to pay off bond debt without the support of large financial institutions.
As a leader in economic growth in the United States in 2023, Louisiana must continue to promote pro-growth policies that benefit our families, businesses
