Texas
Texas’ anti-ESG stance is costing municipalities millions in extra interest payments
In 2021, the Texas legislature prohibited any cities or cities within the state from utilizing banks that restrict financing for the oil, gasoline, or gun industries. Because of this, 5 main municipal bond underwriters, representing greater than 1 / 4 of all competitive-bid municipal bond gives in Texas, withdrew from the state.
That meant municipalities issuing bonds have been extra more likely to interact in negotiated borrowing somewhat than holding a bid public sale—which additionally meant they obtained costlier financing. For municipalities that had relied on the underwriters that left the state, borrowing prices went up by a mean of 0.41 share factors, researchers have discovered (pdf).
In accordance with Daniel Garrett on the College of Pennsylvania’s Wharton College and Ivan Ivanov of the Federal Reserve Financial institution of Chicago, Texas municipalities can be paying $300 million to $500 million in further curiosity due to the more durable mortgage phrases. And that’s simply on the $31.8 billion borrowed within the first eight months after the anti-ESG regulation went into have an effect on.
The calculations, printed by the Brookings Establishment, relaxation on three elements:
🏦 A negotiated sale of a bond prices barely greater than a aggressive sale of a bond on common
🤝 The bonds can be bought to buyers by way of a bigger variety of small trades, which suggests there can be extra intermediaries taking a minimize of every transaction
🎩 With fewer underwriters available in the market, the remaining underwriters can create monopoly energy and lift the price of financing
Most banks will not be abandoning their ESG targets
It wasn’t apparent that banks would retreat from Texas after the anti-ESG regulation, Garret advised Quartz. Certainly, a number of the banks that Texas had focused got here again into the market in Might 2022, at the least in a restricted manner, for causes that aren’t solely clear to the researchers.
“The state is likely to be altering the way it’s implementing the rule,” Garret mentioned. “[Or] the banks may very well be altering their conduct in some circumstances, to be in compliance. A 3rd factor that may very well be occurring is that the banks left as a result of they have been unsure about how the rule could be enforced after which enforcement turned clear.”
Both manner, the researchers concluded that the banks worth their ESG targets greater than public finance offers.
“Thus, even in states with traditionally aggressive public finance markets, the lack of competitors from anti-ESG legal guidelines and the ensuing hostile impact on borrowing prices could also be vital,” the researchers wrote.
Texas
What were the 5 coldest days in North Texas?
North Texas is known for its generally mild winters, but the area has nonetheless experienced some exceptionally frigid days.
These cold spells can include challenges such as icy roads and heightened energy demands, and some terrible accidents that have included fatalities.
According to the National Weather Service, here are the five coldest days in North Texas.
1. Feb. 12, 1899: minus 8 degrees
A severe arctic blast affected much of the country during the first half of February in 1899. Temperatures fell below zero in every state. A century later, records from that coldest day remain unchallenged.
Between Feb. 4-13, only eight hours with temperatures at or above freezing were reported, according to the National Weather Service’s office in Fort Worth.
With winds blowing at over 30 mph, the thermometer marked a low of minus 8 degrees the morning of Feb. 12.
Dallas went down to minus 10 degrees and Grapevine fell to minus 12 degrees.
2. Feb. 16 2021: minus 2 degrees
A historic winter storm and arctic outbreak hit North Texas. It affected most of the state and many parts of the country. Records were broken across Texas, and winter storm warnings were issued across the entire state.
A freezing drizzle created a thin coating of ice on many roadways that led to numerous cars sliding off the road, including a pileup of over 100 vehicles that resulted in several fatalities on Interstate 35W in Fort Worth.
According to the weather service, 5 inches of snow was reported at Dallas-Fort Worth International Airport. The area spent 93 consecutive hours at or below freezing, from 5 p.m. Feb. 9 to 2 p.m. Feb 13.
3. Dec. 23, 1989: minus 1 degree
A cold wave brought several surges of arctic air into the central and eastern United States, beginning in mid-December and lasting until Christmas.
The city of Dallas suffered $25 million in damage caused by broken pipes, along with losses at manufacturing plants. Other areas in the southeast U.S. had similar damage from frozen pipes.
The cold wave brought snow to some areas of Florida, giving many parts of the state their first White Christmas on record.
4. Jan. 12, 1912: 1 degree
North Texas was gripped by two cold waves, one on Jan. 6 and the other on Jan. 12.
Temperatures plummeted across the state with each cold wave, leaving little time for preparation. Unprotected vegetation died, and the weather was linked to widespread agricultural losses.
According to The Dallas Morning News archives, local temperature dropped at 11 a.m. from 55 degrees to 24 degrees in the afternoon. By 7 p.m., temperature had dropped to 14 degrees. After 7 p.m., when the cold wave really hit North Texas, pushing the temperature to just 1 degree.
5. Feb. 8, 1933: 2 degrees
According to The News archives, a winter blast hit North Texas and part of Oklahoma, dropping temperatures to 7 degrees by 6 p.m. Heavy snow blanketed the city. Snow continued through the night for several hours.
At 11:30 p.m., the thermometer at Dallas Love Field dropped to 4 degrees, before dipping overnight to 2 degrees.
Two Texans died as a result of the winter storm, which was blamed for heavy damage to fruit, and other crops.
An 18-year-old boy and a 62-year-old doctor died during the cold wave, and according to the coroners office, their deaths were caused by exposure.
Texas
North Texas school finds success in cellphone ban
Texas
Gov. Greg Abbott issues executive order targeting Chinese government operatives in Texas
Gov. Greg Abbott issued an executive order on Monday, directing the Texas Department of Public Safety to target and arrest people trying to execute influence operations on behalf of the Chinese government to return dissidents to China.
Abbott’s action is in response to “Operation Fox Hunt,” a Chinese government initiative that is intended to root out corruption in that country but in practice has also been used to intimidate Chinese citizens living abroad, harass Chinese pro-democracy activists and even forcibly repatriate dissidents and government officials in some cases. The U.S. justice department has successfully prosecuted individuals in connection to the Chinese initiative.
“The Chinese Communist Party has engaged in a worldwide harassment campaign against Chinese dissidents in attempts to forcibly return them to China,” Abbott said in a news release. “Texas will not tolerate the harassment or coercion of the more than 250,000 individuals of Chinese descent who legally call Texas home by the Chinese Communist Party or its heinous proxies.”
Abbott’s office did not immediately respond to a request for comment.
Conor Hagan, a spokesperson for the FBI office in Houston, said the agency has pushed a public campaign since January to stop the harassment, intimidation and assault of people in the United States by foreign governments. The FBI is looking for potential victims in the Houston area who have been harassed by agents of the Chinese government.
Hagan said the Chinese government has targeted its own citizens living within the United States as well as naturalized and U.S.-born citizens who have family overseas.
“Their actions violate U.S. law and our treasured American individual rights and freedoms,” Hagan wrote in an email.
The FBI office in Houston has set up a hotline for people who believe they are victims of these types of actions by the Chinese Communist Party: (713) 693-5000..
State Rep. Gene Wu, D-Houston, who was born in China and immigrated to the United States applauded Abbott’s move Tuesday.
“The ability to speak your mind and live freely are the core promises of the American Dream; and any who seek to take that away stand against Texas values,” Wu said.
Last year, Wu criticized Texas Republicans for pushing legislation that would ban citizens and foreign entities from countries including China from buying land in Texas. He urged Abbott to also support Chinese immigrants by opposing such legislation.
The Chinese government has set up “police service stations” across the world, according to Abbott’s executive order, and one such station was rumored to be in Houston.
“We will continue to do everything we can to protect Texans from the unlawful and repressive actions of the Chinese Communist Party,” Abbott said.
Abbott charged DPS with identifying and charging people suspected of crimes related to Operation Fox Hunt; work with local and federal authorities to assess incidents where foreign governments are harassing Texans; provide policy recommendations on how to counter these threats and set up a hotline to reported suspected acts of coercion related to “Operation Fox Hunt.”
On Thursday, Abbott issued a second executive order aimed at hardening the systems of state agencies and public higher education institutions from being accessed by hostile foreign nations.
___
This story was originally published by The Texas Tribune and distributed through a partnership with The Associated Press.
For copyright information, check with the distributor of this item, The Texas Tribune.
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