As a public servant, active member of the Republican State Central Committee, and business owner from New Orleans, my top priorities have always been cultivating and maintaining a strong business climate and furthering economic development in our state. However, I am concerned about some of the legislation I have seen this session, which seems to be anti-free market, pro-big government intrusion, and ultimately bad for business. One particular bill, Senate Bill 234, could have disastrous and unintended consequences for businesses and Louisiana taxpayers. This bill could 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.
A competitive bond market is essential for the best interests of businesses, municipalities, and taxpayers. It allows towns and cities to innovate infrastructure development, create jobs, and foster an economic environment where businesses can thrive. 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. Texas taxpayers are experiencing the negative consequences of this legislation, including skyrocketing property taxes to pay off bond debt without the support of large financial institutions.
Louisiana ranked 5th in the United States for economic growth in 2023, and if we want businesses and residents to continue to thrive in our state, we need pro-growth policies that benefit our families, businesses, and taxpayers. I encourage Louisiana’s lawmakers and residents to oppose unnecessary government intrusion into projects that could harm the state’s economy. Jay Batt from New Orleans.