Texas Tribune
Financiers plan to launch a Texas-based stock exchange
by By Martín Slipczuk, The Texas Tribune – 2024-06-05 17:32:29
SUMMARY: A consortium of financial firms, including BlackRock and Citadel Securities, is planning to establish the Texas Stock Exchange (TXSE) in Dallas, raising around $120 million to rival NYSE and Nasdaq. They are seeking SEC registration to operate as a national securities exchange. The new exchange aims to be more CEO-friendly and capitalize on dissatisfaction with existing regulations and compliance costs. TXSE's establishment highlights Texas' economic growth and attractiveness to major corporations. Despite existing market dominance by NYSE and Nasdaq, the involvement of significant backers could provide TXSE with a competitive edge.
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A group of financial firms and investors is planning to launch a Texas-based private market stock exchange and offer traders an alternative to the New York Stock Exchange and Nasdaq.
The group, which includes BlackRock, Citadel Securities and about two dozen investors, raised approximately $120 million of capital to create the Texas Stock Exchange, which would be headquartered in Dallas. They are now seeking registration with the U.S. Securities and Exchange Commission to operate as a national securities exchange later this year.
“Texas and the other states in the southeast quadrant have become economic powerhouses. Combined with the demand we are seeing from investors and corporations for expanded alternatives to trade and list equities, this is an opportune time to build a major, national stock exchange in Texas,” said James Lee, founder and CEO of TXSE Group.
Stock exchanges are private institutions where stocks, bonds and other securities are traded. If the SEC clears TXSE to begin operations, it will be the first stock exchange to launch in the country in recent years.
According to the Wall Street Journal, which first reported on the creation of the new exchange, TXSE promises to be more CEO-friendly than other exchanges and wants to capitalize on discontent over new rules and rising compliance costs at Nasdaq and NYSE.
“If we look at the three states with the largest economy, New York has two stock exchanges. Texas, comparably to California, is growing economically and demographically really fast, and already has a big number of Fortune 500 biggest companies headquarters, so it makes sense Dallas would be an ideal place,” said Steven Pedigo, a professor at the University of Texas at Austin's LBJ School of Public Affairs and an expert in economic and urban development.
But it could be difficult for a new exchange to take off in the U.S. listings market, where the Nasdaq and NYSE have dominated for decades. The U.S. exchange business consists of about 16 equities exchanges with NYSE accounting for more than 20% of the volume in equities trading in May and Nasdaq over 15%, according to Bloomberg. Nasdaq acquired the Philadelphia Stock Exchange and Boston Stock Exchange, two of the oldest exchanges in the country, in 2007. The NYSE bought the Chicago Stock Exchange in 2018.
“What makes this project interesting is the big companies that supported and financed the new stock exchange, that is why it could be a serious competitor. But it is a ‘to be continued' story,” Pedigo said.
TXSE founders said they chose Texas as the home for the new national securities exchange because of the state's rapid economic and population growth. Texas has been a leader in attracting business relocations and expansions in recent years. More than 7,200 firms relocated to Texas between 2010 and 2019, creating nearly 103,000 jobs, according to data from the Federal Reserve Bank of Dallas. Businesses that relocated to Texas mostly went to the state's major metropolitan areas, with Dallas and Houston being the favored destinations.
Major corporations like Tesla and Toyota have chosen the state as their new home base in recent years. Big financial companies like Goldman Sachs have also made big investments lately in Dallas.
Pedigo said this new stock exchange wouldn't necessarily lead to more jobs being created in the state but would help further bolster the pro-business image Texas has been working on for years.
Disclosure: University of Texas at Austin and University of Texas at Austin – LBJ School of Public Affairs have been financial supporters of The Texas Tribune, a nonprofit, nonpartisan news organization that is funded in part by donations from members, foundations and corporate sponsors. Financial supporters play no role in the Tribune's journalism. Find a complete list of them here.
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The Texas Tribune is a nonprofit, nonpartisan media organization that informs Texans — and engages with them — about public policy, politics, government and statewide issues.
Texas Tribune
Texas to double state fund aimed at expanding power grid
by By Kayla Guo, The Texas Tribune – 2024-07-01 17:05:54
SUMMARY: The state of Texas plans to double the Texas Energy Fund from $5 billion to $10 billion to expand the power grid as electricity demand is expected to nearly double by 2030. This follows a forecast by the Electric Reliability Council of Texas, which estimated the state's main grid would need to supply nearly twice its current power. The fund, approved by voters in November 2023, offers low-interest loans for new gas-fueled power plants. The state's grid has faced scrutiny since a 2021 winter storm caused extensive outages. Companies must apply for loans by July 27.
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The state of Texas plans to double a state fund aimed at expanding the power grid as demand for electricity is expected to nearly double over the next six years.
The state will look to boost the Texas Energy Fund from $5 billion to $10 billion, Gov. Greg Abbott and Lt. Gov. Dan Patrick announced on Monday. The fund was approved by voters in November 2023 to offer low-interest loans to incentivize development of new gas-fueled power plants.
The announcement comes soon after a new prediction by the state's main grid operator that said electricity needs will surge in the coming years. The Electric Reliability Council of Texas estimated that the state's main power grid would have to provide nearly double the amount of power it currently supplies by 2030.
The numbers in the new forecast, Abbott and Patrick said in a press release, “call for an immediate review of all policies concerning the grid.”
The state's grid came under intense public and legislative scrutiny after a winter storm in 2021 knocked out its operations, causing dayslong power outages across the state in freezing temperatures that left millions of Texans without lights or heat. Hundreds died.
The Texas Energy Fund set aside $5 billion to fund 3% interest loans to help construct new gas-fueled power plants that are not dependent on the weather and that could power 20,000 homes or more.
The fund was also designed to pay out bonuses to companies that connect new gas-fueled plants to the main grid by June 2029, and to offer grants for modernizing, weatherizing and managing vegetation growth around electricity infrastructure in Texas outside the main electricity market, which meets around 90% of the state's power needs.
The state received notices of intent to apply for $39 billion in loans — almost eight times more than what was initially set aside, Abbott and Patrick said. They added that the average plant will take three to four years to complete, and new transmission lines will take three to six years to complete.
Companies have until July 27 to apply for a loan.
Just in: Former U.S. Rep. Liz Cheney, R-Wyoming; U.S. Sen. John Fetterman, D-Pennsylvania; and Oklahoma Gov. Kevin Stitt will take the stage at The Texas Tribune Festival, Sept. 5–7 in downtown Austin. Buy tickets today!
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Texas Tribune
Commanding officer confirms Troy Nehls has two Bronze Stars
by By Isaac Yu, The Texas Tribune – 2024-07-01 13:02:57
SUMMARY: The Texas Tribune reports that the military record of Rep. Troy Nehls has come under scrutiny. A CBS investigation revealed discrepancies in Nehls' service decorations, including claims of a second Bronze Star and a Combat Infantryman Badge (CIB), which the Pentagon has not corroborated. Nehls' former commanding officer, Jason Burke, affirmed awarding him a second Bronze Star in 2008. Despite the Pentagon's records indicating only one Bronze Star and no CIB, Nehls insists on social media that he earned both awards. Nehls, facing criticism, has stopped wearing the CIB, which was revoked in 2023 due to service in a non-combat role.
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WASHINGTON — The commanding officer of a 2008 tour in Afghanistan that included then-U.S. Army Major Troy Nehls told The Texas Tribune that he recalls awarding the now-congressman his second Bronze Star award.
That award — which recognizes service members who show heroism in the field — has been called into question after a CBS investigation reported Nehls had been touting military decorations that did not match his service record provided by the Pentagon. In campaign ads and in his House biography, Nehls, R-Richmond, has posted pictures wearing an Army uniform and two Bronze Star medals. He has also worn the Combat Infantryman Badge lapel pin, awarded to soldiers for service in combat.
The investigation found that the Pentagon reported Nehls received only one Bronze star and that the Combat Infantryman Badge was awarded in error and rescinded in 2023. Nehls, who has been publicly criticized by members of his own party amid the claims of stolen valor, said on social media that he did have two Bronze Stars. But he has since stopped wearing the CIB.
But Jason Burke, the Navy captain who led the 130-person joint task force Nehls served on during his tour, recalled awarding the medal to Nehls. Nehls received the medal at a ceremony with several other officers in the fall of 2008, shortly before Nehls finished his tour and returned to Texas, Burke told the Tribune.
“You're getting that award if you've done a good job and met the criteria,” said the now-retired Burke, who is listed on the award certificate as Nehls' commanding officer. “He earned it, and received it.”
Nehls, who represents a swath of Houston suburbs, served as Burke's second-in-command under a joint effort called Task Force Currahee. Their unit, which included both Army and Navy officers, worked on provincial reconstruction, building roads, clinics and schools in eastern Afghanistan's Ghazni Province. Burke said the team's convoys regularly came under Taliban ambushes and guerrilla attacks.
The Bronze Star award must be recommended by a commander, and any service member in any branch of the military working an operation involving a conflict with an opposing force is eligible. The CIB, by contrast, is only given to those in combat roles.
It was relatively standard during the U.S.'s war on terrorism, after the Sept. 11, 2001, attacks, for officers of certain ranks to receive a some kind of award upon completing a tour, often a Bronze Star. Nehls' first star was awarded for Operation Iraqi Freedom in 2004, where he trained 13 staff members of an Iraqi government office to perform financial assessments, according to the certificate.
A spokesperson for Nehls declined to comment on this story, pointing to a post on X Nehls made last month defending his record and posting photos of the certificates of his two Bronze Stars, and his copy of the underlying nomination forms. Burke's sign-off can be seen on the 2008 documentation, known as a Form 638, along with signatures from two higher-level officials.
CBS reported the Pentagon would conduct another review of Nehls' record. The most recent summary of his service and awards, provided to the Tribune by a Pentagon spokesperson on Friday, lists only one Bronze Star and no CIB.
The systems for keeping records for military awards can be difficult to navigate. A soldier often becomes responsible for making sure awards paperwork is turned over to a personnel officer.
That means documentation for awards sometimes slips through the cracks, according to retired Army sergeant Anthony Anderson, who has investigated numerous instances of stolen valor.
“I wouldn't say it's common, but it does happen,” Anderson said.
Anderson said he had previously spoken with Nehls' chief of staff, encouraging them to submit documentation of the second Bronze Star to the Pentagon to be added to Nehls record.
He said he would be surprised if an officer in Nehls' position hadn't received a Bronze Star.
Nehls' military record has become a thorn for him in recent months. He announced that he would stop wearing the Combat Infantryman Badge last week in response to reports that the badge had been revoked in 2023.
Nehls was found to be ineligible for that badge because he had served in Afghanistan in a civil role, not as a combatant infantryman. Nehls did serve as an infantryman during his time with the Wisconsin National Guard in the 1990s, completing a tour in Bosnia.
Just in: Former U.S. Rep. Liz Cheney, R-Wyoming; U.S. Sen. John Fetterman, D-Pennsylvania; and Oklahoma Gov. Kevin Stitt will take the stage at The Texas Tribune Festival, Sept. 5–7 in downtown Austin. Buy tickets today!
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The Texas Tribune is a nonprofit, nonpartisan media organization that informs Texans — and engages with them — about public policy, politics, government and statewide issues.
Texas Tribune
Robert Robertson execution day set in Texas shaken baby case
by By Kayla Guo, The Texas Tribune – 2024-07-01 11:33:10
SUMMARY: A Texas court has scheduled Robert Roberson's execution for October 17. Roberson, sentenced to death in 2003 for his 2-year-old daughter's death, has consistently challenged the conviction, claiming it was based on questionable science. Despite halting his execution in 2016 due to doubts about shaken baby syndrome, the Texas Court of Criminal Appeals upheld his death sentence in 2023. Roberson's attorneys argue new evidence shows his daughter died of natural causes, not head trauma, and question the shaken baby syndrome diagnosis. The execution date triggers deadlines for last-minute legal and clemency filings.
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A Texas court on Monday set an execution date for Robert Roberson, who was sentenced to death in 2003 for killing his 2-year-old daughter but has consistently challenged the conviction on the claim that it was based on questionable science.
Roberson has maintained his innocence while being held on death row for more than 20 years. The Texas Court of Criminal Appeals previously halted his execution in 2016. But in 2023, the state's highest criminal court decided that doubt over the cause of his daughter's death was not enough to overturn his death sentence.
His new execution date is set for Oct. 17.
Roberson's attorneys objected to the scheduling of an execution after Anderson County prosecutors requested on June 17 that a date be set. His attorneys said they have new evidence to bolster their case and that they planned to file a new request to overturn his conviction.
As a result, his attorneys argued, setting an execution date would be “premature and unjust.”
Roberson was convicted of killing his sickly 2-year-old daughter, Nikki Curtis, after he rushed her blue, limp body to the hospital. He said that Nikki fell from the bed while they were sleeping in their home in the East Texas town of Palestine and that he awoke to find her unresponsive. But doctors and nurses, who were unable to revive her, did not believe such a low fall could have caused the fatal injuries and suspected child abuse.
At trial, doctors testified that Nikki's death was consistent with shaken baby syndrome — in which an infant is severely injured from being shaken violently back and forth — and a jury convicted Roberson.
The Court of Criminal Appeals in 2016 stopped his execution and sent the case back to the trial court after the scientific consensus around shaken baby syndrome diagnoses came into question. Many doctors believe the condition is used as an explanation for an infant's death too often in criminal cases, without considering other possibilities and the baby's medical history.
The Court of Criminal Appeals' decision was largely a product of a 2013 state law, dubbed the “junk science law,” which allows Texas courts to overturn a conviction when the scientific evidence used to reach a verdict has since changed or been discredited. Lawmakers, in passing the law, highlighted cases of infant trauma that used faulty science to convict defendants as examples of the cases the legislation was meant to target.
Roberson's attorneys, in their opposition to setting an execution date, cited “overwhelming new evidence” that Nikki died of “natural and accidental causes” — not due to head trauma.
They wrote that Nikki had “severe, undiagnosed” pneumonia that caused her to stop breathing, collapse and turn blue before she was discovered. Then, instead of identifying her pneumonia, doctors prescribed her Phenergan and codeine, drugs that are no longer given to children her age, further suppressing her breathing, they argued.
“It is irrefutable that Nikki's medical records show that she was severely ill during the last week of her life,” Roberson's attorneys wrote, noting that in the week before her death, Roberson had taken Nikki to the emergency room because she had been coughing, wheezing and struggling with diarrhea for several days, and to her pediatrician's office, where her temperature came in at 104.5 degrees.
“There was a tragic, untimely death of a sick child whose impaired, impoverished father did not know how to explain what has confounded the medical community for decades,” Roberson's attorneys wrote.
They have also argued that new scientific evidence suggests that it is impossible to shake a toddler to death without causing serious neck injuries, which Nikki did not have.
And they cited developments in a similar case in Dallas County, in which a man was convicted of injuring a child. His conviction was based in part on now partially recanted testimony from a child abuse expert who provided similar testimony on shaken baby syndrome in Roberson's case. Prosecutors in Dallas County have said the defendant should get a new trial.
In 2023, when the Court of Criminal Appeals denied Roberson a new trial, prosecutors argued that the evidence supporting Roberson's conviction was still “clear and convincing” and that the science around shaken baby syndrome had not changed as much as his defense attorneys claimed. Witnesses also testified at trial that Roberson had a bad temper and would shake and spank Nikki when she would not stop crying.
The scheduling of Roberson's execution triggers a series of deadlines for any last filings in state and federal court to seek relief and begin a request for clemency.
Just in: Former U.S. Rep. Liz Cheney, R-Wyoming; U.S. Sen. John Fetterman, D-Pennsylvania; and Oklahoma Gov. Kevin Stitt will take the stage at The Texas Tribune Festival, Sept. 5–7 in downtown Austin. Buy tickets today!
The post Robert Robertson execution day set in Texas shaken baby case appeared first on TexasTribune.org.
The Texas Tribune is a nonprofit, nonpartisan media organization that informs Texans — and engages with them — about public policy, politics, government and statewide issues.
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