Latest news with #SenateBill29
Epoch Times
19-05-2025
- Business
- Epoch Times
Texas Employment Numbers Hit Record High in April for 5th Consecutive Month
Texas's total nonfarm employment hit a record high last month following thousands of new job additions, the Texas Workforce Commission (TWC) said in a May 16 The state added 37,700 new positions in April, which took the total number of nonfarm jobs in Texas to 14.32 million. This was the fifth consecutive month of record-high jobs. Over the past year, 215.500 jobs have been added, with the state's annual nonfarm job growth rate exceeding the national rate. Total civilian labor force— 'The positive trends in the Texas labor market show the Lone Star State's efforts to invest in the success of the Texas economy,' said TWC Chairman Bryan Daniel. TWC's commissioner representing labor, Alberto Trevino III, attributed the growing demand for skilled workers across various industries to the state's 'strong focus on innovation and economic growth.' Related Stories 5/15/2025 5/14/2025 The services sector saw the largest number of employment additions, with 27,400 new jobs added in April from the previous month. This was followed by the professional and business services sector with 10,900 new jobs and the goods-producing industry with 10,300 jobs added. The unemployment rate in the state was 4.1 percent, the TWC statement said. In a May 16 'Businesses invest with confidence in Texas thanks to the Best Business Climate in America and our highly skilled and growing workforce. That is why Texas employers have added more than 2.5 million jobs since I became governor and why more Texans are working than ever before,' he said. 'But we will not be complacent. We will continue to advance pro-growth economic policies, invest in career training for high-demand occupations, and partner with Texas businesses and innovators to remain the Best State for Business and the best state for good-paying jobs over the next decade and beyond.' Delaware Exodus Texas's stellar job numbers come as the state stands to benefit from any potential The issue was highlighted by Simon Property Group, a Delaware corporation, in a March 21 filing with the Securities and Exchange Commission. Businesses incorporated in Delaware are facing an 'increasingly litigious environment,' which imposes significant financial and human resource costs on companies, it said. Delaware's corporate laws had come under intense criticism from industrialist Elon Musk last year after a court in the state blocked a $56 billion pay package from Tesla to him as CEO, despite approval by the board of directors. The court issued the decision based on a case filed by an individual who owned just nine shares in the company. Musk later shifted the incorporation of Tesla and SpaceX from Delaware to Texas. Last week, Abbot signed into law Senate Bill 29, a 'pro-growth' business legislation, his office Senate Bill 29 tackles the situation of courts overriding corporate decisions. The bill ensures that 'business decisions are made by Texas corporations, through their shareholders and elected boards, and not third-party activists,' the office of Texas state Sen. Bryan Hughes, who filed the bill, said in a Feb. 27 Abbott said the bill provides companies 'the certainty that sound business judgments made in the best interest of shareholders will not be second-guessed by courts.'
Yahoo
15-05-2025
- Business
- Yahoo
Abbott signs business bills as deal on education funding gets closer
The Brief Gov. Abbott signed two bills, joint resolution related to business on May 14 New version of HB 2 up for committee hearing Thursday morning HB 2 has until May 28 to clear full Senate AUSTIN, Texas - Texas Gov. Greg Abbott signed two bills and a joint resolution Wednesday: Senate Bill 29, Senate Bill 1058 and House Joint Resolution 4. Abbott was joined by Lt. Gov. Dan Patrick and House Speaker Dustin Burrows in the Governor's reception room for the signing ceremony. "I'm about to sign three laws that solidify our status as the best state for doing business for many years to come. Laws that will make Texas the unrivaled epicenter for business headquarters," said Abbott. What we know The legislation was drafted to attract corporations to Texas. The package provides protection from lawsuits filed by minority shareholders and prevents state taxes on securities as well as bans occupation tax. Exemptions from certain franchise tax liabilities were also given to stock exchanges operating in Texas, like the NASDAQ, the New York Stock Exchange and the newly created Texas Stock Exchange. What they're saying "What's important to the average person is to have a job to be able to go to work, a good paying job to go to work. A variety of economic opportunity, a thriving economy. It's business leaders, CEOs who make those decisions about what location they're going to be in to be able to start a business and grow a business. And this is important for entrepreneurs who are going to of business themselves" said Abbott. The governor went on to explain that the new laws codify policies that attract businesses, attract job creators, and will ensure that Texans will have job opportunities. Why you should care FOX 7 Austin asked Gov. Abbott why the average person should care about the pro-business measures. "What's important to the average person is to have a job to be able to go to work, a good paying job to go to work. A variety of economic opportunity, a thriving economy. It's business leaders, CEOs who make those decisions about what location they're going to be in to be able to start a business and grow a business. And this is important for entrepreneurs who are going to of business themselves" said Abbott. What we know How to fund the education of a solid workforce is still a work in progress for state lawmakers. The new version of HB2 is up for a hearing Thursday morning in the Senate Public Education Committee. House Speaker Dustin Burrows gave what sounded like a partial green light, when asked if he was ready to sign off on what's in the revised legislation. "If you look at the key components of when it left the House, special education funding, teacher pay, looking at full day funding for Pre-K, looking at a lot of the different component parts. What I understand, most of those are in that bill. Obviously, like any school finance bill, you've got to see the runs. But we are very optimistic and very excited where we're at," said Burrows. House Education Chairman Brad Buckley and Senate Public Education Chairman Brandon Creighton were recognized by Patrick for their work drafting a funding plan. "I really think it's a masterpiece of school finance. It's prioritizing teachers. They're going to be paid more money than they've ever been paid before in Texas," said Patrick. Dig deeper There are differing ideas on exactly how much extra money will be provided for teachers and how a pay raise will be calculated. The increase ranges from $2,500 to $10,000 and depends on classroom experience as well as where the teachers work. "This is the best thing we can do for the most important part of education, and that is providing our teachers with the pay raise they need and deserve," said Gov. Abbott. The biggest difference in the new Senate plan is how the $8 billion that's been set aside for HB 2 is divided up for school districts. The original HB 2 added almost $400 to the basic per-student allotment to school districts. The Senate plan instead moves money around to where the proposed increase in the basic allotment is reduced to $55 per student. House members reportedly have concerns about the cut, while Speaker Burrows seemed open to the change. "Looking at just one number and not what the entire Bill does, I don't think is what we need to be doing. We need to look at actually how the Bill gets to the different components we need to get to. And so again, largest amount of school finance in history, that's actually classroom dollars. You know, this is real money that's going to get to public education that's in need of it. And you look at the things that it does, it's the things we identified were very important," said Speaker Burrows. What's next The legislative clock is ticking on HB 2. The bill has until May 28 to clear the full Senate. House members would then be asked to agree to the Senate changes or to send the legislation to conference committee for last-minute deal making before the Session ends June 2. The Source Information in this report comes from reporting/interviews by FOX 7 Austin's chief political reporter Rudy Koski.
Yahoo
14-05-2025
- Business
- Yahoo
Nasdaq Applauds Signing of Senate Bill 29, Strengthening Texas' Standing as a National Leader in Corporate Governance and Innovation
AUSTIN, Texas, May 14, 2025 (GLOBE NEWSWIRE) -- Today, Nasdaq issued a statement in support of Texas Senate Bill 29 after Governor Abbott signed the bill into law. This legislation, which codifies the Business Judgment Rule and promotes predictability in corporate governance litigation, enhances Texas' competitiveness as a jurisdiction for incorporation and business growth. Nasdaq's Executive Vice Chairman Ed Knight joined Governor Abbott, leadership from the Texas legislature, and other Texas business community leaders for the signing ceremony. 'Senate Bill 29 is a milestone for corporate governance in Texas. By embracing smart, innovation-focused regulation like SB 29, Texas is showing the world what it means to lead on economic growth and modern, clear governance principles,' said Ed Knight, Executive Vice Chairman of Nasdaq. 'We commend Senator Bryan Hughes, Representative Morgan Meyer, and Governor Greg Abbott for advancing legislation that strengthens Texas' position as a global center for capital formation.' Texas has become a national model for innovation-driven policy that balances economic growth with investor confidence. The passage of SB 29 aligns with Nasdaq's mission to promote fair, efficient, and accessible capital markets, and reinforces Texas as a destination for corporate formation and public company investment. Nasdaq has a longstanding history of advocating for clients by minimizing the complexity associated with navigating the public markets. Its efforts for corporate issuers encompass addressing issues such as the SEC's proposed climate disclosure rules, cyber disclosure rules, proxy advisory reform, AI regulation, PCAOB reforms, and emerging growth company timelines. 'At Nasdaq, we are honored to have been part of the Texas community for nearly two decades' said Rachel Racz, Senior Vice President, Head of Listings for Texas, Southern U.S. and Latin America at Nasdaq. 'We remain committed to advocating for our clients on both a federal and local level and supporting the bold Texas leadership that continues to power our state's dynamic economy.' Nasdaq's presence in Texas continues to expand. The company recently announced the opening of a new regional headquarters in Dallas, serving as a Southeast hub and convening space for its Texas-based clients. Nasdaq currently is home to over 200 listed companies headquartered in the state and generates over $750 million in revenues in Texas and the Southeast region of the U.S., partnering with over 2,000 clients, approximately 800 of which are based in Texas. About Nasdaq Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at Nasdaq Media Contact Michelle Mendiola(646) Chris Hayden(301) Cautionary Note Regarding Forward-Looking Statements Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, information regarding our regional presence. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq's control. These factors include, but are not limited to, Nasdaq's ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq's filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq's investor relations website at and the SEC's website at Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-05-2025
- Business
- Yahoo
Texas is on the verge of handing Tesla and other big businesses a major win
Texas lawmakers have passed bills to reduce the influence of small shareholders. Backers say the bills will attract companies, while critics call it a power grab by corporate insiders. Lawmakers say ExxonMobil's board shake-up and Elon Musk's pay lawsuit inspired the legislation. As Delaware rebukes Elon Musk over his pay package, Texas is now offering corporate America a path to sidestep legal challenges by most of its shareholders. Over the past two months, lawmakers have pushed through a pair of bills they say will bring more businesses to the Lone Star state. Senate Bill 29 would make it harder for shareholders to sue companies, while Senate Bill 1057 would raise the bar for bringing resolutions at annual meetings. SB 29 would apply to many big companies incorporated in Texas, like Tesla and Southwest Airlines. SB 1057 could apply to businesses that are merely headquartered in Texas, like AT&T and Waste Management, even if they're legally registered elsewhere. They have moved quickly with virtually no organized opposition, with both proposals now awaiting Governor Greg Abbott's signature. His office told Business Insider he wants to strengthen businesses and would "review any proposal" lawmakers send to his desk. He has previously signaled that he would sign SB 29. Chris Babcock, a Dallas-based lawyer who helped draft SB 29, told Business Insider that a wide array of businesses and experts shaped the bill, which he views as balanced. Sen. Bryan Hughes, a Republican and a major backer of SB 1057, said it was meant to stop politicized attacks on Texas businesses. Critics, meanwhile, said the bills could gut minority shareholder rights and make Texas a haven for corporate officers like Elon Musk, who have unusually large ownership stakes and influence over their businesses. "There's a famous quote from John Dingell, the former Michigan congressman, who said, 'If you write the substance and you let me write the procedure, I'll screw you every time.' That's exactly what's happening here," said Joel Fleming, a lawyer who represents investors in governance disputes. In other words, Texas isn't changing the standards corporate boards are held to, Fleming believes — but would make it very hard for regular shareholders to hold them accountable if they break the rules. If publicly traded companies opt in, SB 29 would give boards of directors significantly more legal protection and make it more difficult for investors to sue directors, effectively preventing high-profile shareholder lawsuits like the one that saw a Delaware judge strike down Musk's pay package. Babcock called the Tesla case, which is currently on appeal, an "accelerator." Other decisions by the state's chancery court involving the companies Moelis and Activision "challenged longstanding corporate practices," he said, and also drove discussions. "How can you have confidence in Delaware judges?" said Eric Lentell, the top lawyer at Archer Aviation, who testified in favor of SB 29 and whose company is being sued in Delaware. "A shareholder vote was essentially ignored" when Tesla investors tried to ratify Musk's compensation, he said. Musk and Tesla did not respond to requests for comment. SB 1057, meanwhile, would raise the bar for shareholder resolutions. It would require shareholders to own a 3% stake or $1 million in stock and to gather support from holders of two-thirds of the company's shares before submitting a proposal. James McRitchie, a small investor from California who opposes the bill, said Texas is "leading the race to the bottom." He said soliciting support from other investors could cost millions at a company like Tesla and deter all but the wealthiest investors. Sen. Hughes cited the small hedge fund Engine No. 1's successful campaign to reshape Exxon's board of directors in 2021 as an influence, though SB 1057 doesn't apply to director nominations. A spokesman for Engine No. 1 declined to comment. AT&T and Nasdaq registered support for SB 29. The Texas Stock Exchange, a startup trying to woo listings away from New York, backed both bills. Another bill that isn't as far along, SB 2337, targets certain recommendations from proxy advisors. Hughes said companies like ISS and Glass Lewis have recommended that institutional investors vote their shares for environmental and diversity-motivated reasons that may not actually increase the value of their shares. ISS and Glass Lewis didn't respond to requests for comment. Hughes said SB 29 builds on last year's creation of a specialized Texas business court. He referred to the bill as "Dexit" at a hearing, a nod to companies like Tesla and TripAdvisor moving out of Delaware. Delaware's defenders say its laws are applied predictably and its courts are run by expert judges who are neither pro-management nor pro-shareholder. "We think we're putting the last pieces together to make Texas an attractive place for doing business," Hughes said. Brian Quinn, a law professor at Boston University, said the bills give corporate managers too much power for investors to be comfortable. He said they would turn Texas into a "rogues' gallery" like Nevada, which has been criticized over its lax, pro-management corporate laws. "Texas isn't competing with Delaware," said Quinn. "Texas is competing with Nevada." Babcock said Texas would still have stricter shareholder oversight than Nevada, noting that Texas directors must remain loyal to companies and can be more easily removed by shareholders. Glenn Hamer, who leads the Texas Association of Businesses, said at a hearing in March that "Delaware has blown it." "We have the best economy in the galaxy," he said. "If you have an internal issue, are you going to be better treated in Delaware or are you going to be better treated in a state that has become the economic engine of the United States of America?" Have a tip? Contact this reporter via Signal at 314-971-1627 or email at jnewsham@ Use a personal email address and a nonwork device; here's our guide to sharing information securely. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
09-05-2025
- Business
- Business Insider
Texas is on the verge of handing Tesla and other big businesses a major win
As Delaware rebukes Elon Musk over his pay package, Texas is now offering corporate America a path to sidestep legal challenges by most of its shareholders. Over the past two months, lawmakers have pushed through a pair of bills they say will bring more businesses to the Lone Star state. Senate Bill 29 would make it harder for shareholders to sue companies, while Senate Bill 1057 would raise the bar for bringing resolutions at annual meetings. SB 29 would apply to many big companies incorporated in Texas, like Tesla and Southwest Airlines. SB 1057 could apply to businesses that are merely headquartered in Texas, like AT&T and Waste Management, even if they're legally registered elsewhere. They have moved quickly with virtually no organized opposition, with both proposals now awaiting Governor Greg Abbott's signature. His office told Business Insider he wants to strengthen businesses and would "review any proposal" lawmakers send to his desk. He has previously signaled that he would sign SB 29. Chris Babcock, a Dallas-based lawyer who helped draft SB 29, told Business Insider that a wide array of businesses and experts shaped the bill, which he views as balanced. Sen. Bryan Hughes, a Republican and a major backer of SB 1057, said it was meant to stop politicized attacks on Texas businesses. Critics, meanwhile, said the bills could gut minority shareholder rights and make Texas a haven for corporate officers like Elon Musk, who have unusually large ownership stakes and influence over their businesses. "There's a famous quote from John Dingell, the former Michigan congressman, who said, 'If you write the substance and you let me write the procedure, I'll screw you every time.' That's exactly what's happening here," said Joel Fleming, a lawyer who represents investors in governance disputes. In other words, Texas isn't changing the standards corporate boards are held to, Fleming believes — but would make it very hard for regular shareholders to hold them accountable if they break the rules. Texas lends a hand to corporate managers If publicly traded companies opt in, SB 29 would give boards of directors significantly more legal protection and make it more difficult for investors to sue directors, effectively preventing high-profile shareholder lawsuits like the one that saw a Delaware judge strike down Musk's pay package. Babcock called the Tesla case, which is currently on appeal, an "accelerator." Other decisions by the state's chancery court involving the companies Moelis and Activision "challenged longstanding corporate practices," he said, and also drove discussions. "How can you have confidence in Delaware judges?" said Eric Lentell, the top lawyer at Archer Aviation, who testified in favor of SB 29 and whose company is being sued in Delaware. "A shareholder vote was essentially ignored" when Tesla investors tried to ratify Musk's compensation, he said. Musk and Tesla did not respond to requests for comment. SB 1057, meanwhile, would raise the bar for shareholder resolutions. It would require shareholders to own a 3% stake or $1 million in stock and to gather support from holders of two-thirds of the company's shares before submitting a proposal. James McRitchie, a small investor from California who opposes the bill, said Texas is "leading the race to the bottom." He said soliciting support from other investors could cost millions at a company like Tesla and deter all but the wealthiest investors. Sen. Hughes cited the small hedge fund Engine No. 1's successful campaign to reshape Exxon's board of directors in 2021 as an influence, though SB 1057 doesn't apply to director nominations. A spokesman for Engine No. 1 declined to comment. AT&T and Nasdaq registered support for SB 29. The Texas Stock Exchange, a startup trying to woo listings away from New York, backed both bills. Another bill that isn't as far along, SB 2337, targets certain recommendations from proxy advisors. Hughes said companies like ISS and Glass Lewis have recommended that institutional investors vote their shares for environmental and diversity-motivated reasons that may not actually increase the value of their shares. ISS and Glass Lewis didn't respond to requests for comment. "Dexit" Hughes said SB 29 builds on last year's creation of a specialized Texas business court. He referred to the bill as "Dexit" at a hearing, a nod to companies like Tesla and TripAdvisor moving out of Delaware. Delaware's defenders say its laws are applied predictably and its courts are run by expert judges who are neither pro-management nor pro-shareholder. "We think we're putting the last pieces together to make Texas an attractive place for doing business," Hughes said. Brian Quinn, a law professor at Boston University, said the bills give corporate managers too much power for investors to be comfortable. He said they would turn Texas into a "rogues' gallery" like Nevada, which has been criticized over its lax, pro-management corporate laws. "Texas isn't competing with Delaware," said Quinn. "Texas is competing with Nevada." Babcock said Texas would still have stricter shareholder oversight than Nevada, noting that Texas directors must remain loyal to companies and can be more easily removed by shareholders. Glenn Hamer, who leads the Texas Association of Businesses, said at a hearing in March that "Delaware has blown it." "We have the best economy in the galaxy," he said. "If you have an internal issue, are you going to be better treated in Delaware or are you going to be better treated in a state that has become the economic engine of the United States of America?"
