Texas Governor Greg Abbott is inviting big companies like the Chicago-based parent company of the Chicago Mercantile Exchange (CME) to relocate to Texas to take advantage of lower taxes.
Governor Abbott was in New York and in a television appearance, he spoke of encouraging companies to abandon high-tax states like New York, California, and Illinois and to find a new home in Texas.
Abbott specifically mentioned the CME Group, the Chicago-based firm that operates some of the most famous financial derivative exchanges like the Chicago Merc, the Chicago Board of Trade, and the New York Merc. Plus it owns a minority stake in the S&P Dow Jones Indices.
The Chicago Mercantile Exchange has been in Illinois for well over a century and Abbott says he's been told big Chicago firms are leery of the city's problem with violent crime not to mention corporate tax hikes the Chicago mayor has talked about.
The Governor believes luring CME to Texas would be a huge shot in the arm for the state's economy.
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