Gov. Greg Abbott rang the closing bell at the New York Stock Exchange (NYSE) to mark Texas Capital Bank’s (TCB) launch of its new Exchange-Traded Fund (ETF) & Funds Management division and flagship Texas Capital Texas Equity Index ETF (NYSE Arca: TXS) in New York City. The Office of the Texas Governor said that of the 50 states in the Union, Texas boasts the most on the NYSE and is the only one with its own ETF.
"As the eighth-largest economy in the entire world and with an annual GDP of $2.35 trillion, it's about time Texas has its own ETF," Abbott, a Republican, said, according to a Sept. 28 press release. "Texas, Texans, and Texas businesses need access to capital. One way to provide that access to capital and expand capitalism in the state of Texas is through its own ETF — and all of you are making that happen here today,” the governor said.
Abbott further touted the Lone Star State as “the economic capital of America,” saying it “opens up opportunity and dreams” to all. “Washington, D.C. may be the capital of the United States of America, but Texas is the economic capital of America,” he said. “Texas opens up opportunity and dreams to everybody.”
Per the release, TCB President and Chief Executive Officer (CEO) Rob C. Holmes, NYSE Vice Chairman and Chief Commercial Officer (COO) John Tuttle were among those who joined Abbott at the NYSE bell, with Tuttle presenting the governor a NYSE medallion.
Before ringing the bell, Abbott affixed his signature to the Book of Distinguished Guests of the New York Stock Exchange and participated in the NYSE tradition of writing on the wall in the stairwell behind the podium. The release said that it was the governor’s second time visiting the NYSE, his first being after he was sworn into office the first time in 2015.