Texas overtakes California as 'America’s center of gravity,' claims Treasury Sec Bessent

This material may not be published, broadcast, rewritten, or redistributed. ©2026 FOX News Network, LLC. All rights reserved. Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by LSEG. Chuck DeVore, former California Assembly member, details the business exodus from California to Texas, emphasizing that lower taxes and regulations are key attractants for Fortune 500 companies. He contrasts Texas's pro-business attitude with California's challenging environmental laws and lawsuit climate, citing delayed infrastructure projects like the high-speed rail. FIRST ON FOX — Treasury Secretary Scott Bessent highlighted the stark difference he sees emerging between Texas and California as well as the "tale of two states" cropping up between red and blue jurisdictions. "In California, I saw firsthand what years of failed governance looks like: a tax system that is hostile to ambition. A regulatory state that smothers enterprise. An economic climate indifferent to consequence," he said during a meeting at the Petroleum Club of Houston on Frida