In a recent commentary, Jamie Dimon of JPMorgan Chase extolled the virtues of Texas’s pro-business environment while subtly cautioning against our state’s legislative moves to prevent financial discrimination based on political ideology. While Mr. Dimon’s recognition of Texas’s business-friendly climate is appreciated, his insinuation that Texas needs the approval or support of his institution underestimates the economic fortitude and principles of the Lone Star State.
Texas’s Economic Clout
Texas’s economy is not just robust; it’s a global titan, ranking as the 8th largest economy in the world if it were its nation. Our GDP, which towers over $1.9 trillion, is a beacon of our state’s unyielding drive and the prosperity of the thriving businesses. Banks like Chase are participants in our economy, but let’s be unequivocal—they need Texas, with its vast market and opportunities, as much as we engage with them. This economic might is not merely a function of size but of our entrepreneurial spirit, diverse industries from energy to tech, and our commitment to low regulation and taxation.
Consumer Choice in Texas
In Texas, we believe in the power of the market and the freedom of choice. Our state is home to a multitude of financial institutions that are ready and willing to serve Texans without dragging politics into the equation. When a bank decides to weigh in on political issues, it risks alienating customers simply seeking quality financial services. Texans have repeatedly shown that they will take their business to those who respect their values and focus on providing straightforward, reliable banking services. This isn’t just about preference; it’s about principle. Texans demand and support businesses that prioritize economic growth and personal freedom, reflecting the independent spirit that defines our state.
The Principle of Business Neutrality
The concept of reputational risk is legitimate in banking, as in any business. However, when “reputational risk” becomes a euphemism for sidelining legitimate businesses and consumers due to their political leanings, it crosses into discrimination. In Texas, we stand against such practices. We expect businesses, especially banks, to judge us on our creditworthiness and business acumen, not our politics. Financial transactions should be free from ideological bias, a stance that not only aligns with Texas values but also with fair business practices. Our legislative moves to protect against financial discrimination are not a whimsical stand but a calculated step to safeguard our citizens and businesses from covert biases that could undermine our economic fabric. It’s a proactive measure to ensure that all businesses, regardless of political views, have equal access to financial services, a cornerstone of true economic freedom.
Texas’s Independence and Financial Institutions
The spirit of independence runs deep in Texas. It’s not just a political stance; it’s a cultural ethos that extends to our expectations of corporate entities, including financial institutions. Banks operating in Texas must understand this. They must adapt to a culture that values economic performance and customer service above political posturing. If they fail to do so, they will find themselves at a competitive disadvantage as Texans naturally gravitate towards institutions that align with their preferences. This is not an ultimatum but a reality of doing business in Texas. Our state has always been a cradle for innovation, and in the financial sector, we are poised to lead just as boldly. Whether through fostering fintech startups or encouraging the growth of local banks that understand the Texan ethos, we are ready to redefine the financial landscape.
The Future of Banking in Texas
Looking ahead, the future of banking in Texas is bright and holds the promise of innovation. We are not beholden to the traditional banking giants. If they choose to prioritize politics over service, Texas is more than capable of fostering new financial institutions that resonate with our values. The message is clear: adapt to the Texas way of doing business, or watch as we support those who will. Our commitment to a free and fair economic environment is unwavering, and we will continue to attract businesses and banks that share our vision. The financial sector is no exception to the Texan drive for excellence and integrity, and we welcome those ready to meet these standards.
Texas’s economic might is undeniable, and our principles are unwavering. We will continue championing a business environment free from political discrimination, ensuring a level playing field for all. To the big banks, I say this: respect our economic sovereignty and our right to conduct business without political interference. Only then can you truly serve the needs of the Texan people and thrive alongside us in our great state.