One study found that the law banning firms that boycott fossil fuels could cost local government entities—and taxpayers—as much as $530 million in higher interest costs. From politics reporter by_jmiller in the Nov/Dec issue of TXO magazine: Banking
Laws banning the state from doing business with banks that are dubbed anti-fossil fuel or anti-gun will likely cost hundreds of millions in higher interest rates.issue.
Last fall, new state laws went into effect that prohibit governmental entities from engaging with financial institutions that the state deems to be anti-fossil fuel, anti-gun, and, thus, anti-Texas. For a party that once claimed the mantle of free markets in Texas, Republicans—led by Governor Greg Abbott, Lieutenant Governor Dan Patrick, Attorney General Ken Paxton, and Comptroller Glenn Hegar—are embracing a new form of social, cultural, and economic protectionism.
Its first foray came when lawmakers passed a law back in 2017 that forbade the government from contracting with any people or companies that engaged in the “Boycott, Divestment, Sanctions” movement that targets Israel for its treatment of Palestinians. Republicans had to dramatically rework that law in the following session when it became clear that it was unconstitutional and practically unworkable.
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