DALLAS — For generations, New York has stood at the center of American finance. Texas, however, is increasingly positioning itself as a serious challenger, with Dallas emerging as the focal point of an effort to build a powerful financial industry of its own.

At the heart of that push is the Texas Stock Exchange, a Dallas-based marketplace designed to give companies another option for listing shares and accessing investors. Backers see the exchange as a key part of an effort to establish Texas as a major destination for financial activity, helping fuel the emergence of what supporters have dubbed “Y’all Street.”

The initiative comes as Texas continues attracting companies, investment and financial institutions from across the country. The state has experienced significant corporate expansion in recent years, strengthening its reputation as a business-friendly alternative to more established financial centers.

Former Rep. Jeb Hensarling, R-Texas, who serves as a strategic advisor and member of the Texas Stock Exchange, said the transformation is already taking shape.

“Texas is really becoming the economic center of gravity in America,” Hensarling told Fox News Digital during an interview at the Texas Stock Exchange’s headquarters.

He contrasted Texas’ approach with what he described as an increasingly difficult environment for capital in New York.

“As New York is increasingly shoving capital out, Texas is saying, ‘You’re welcome here,'” he said. “We put out the welcome mat, whereas New York, capital isn’t really made to feel at home, and capital wants to go where it’s made to feel at home.”

Hensarling said Texas’ economic appeal has been strengthened by policies intended to encourage business activity, arguing that the state has evolved beyond simply being a favorable location for companies to operate.

He pointed to changes enacted by state lawmakers as another factor behind Texas’ growing corporate appeal.

“Texas has been a great place to do business for decades, but increasingly it’s a great place to headquarter your business,” he said. “Over the last couple of legislative sessions, because of laws passed, it’s a great place to incorporate your business.”

Hensarling said establishing a stock exchange was the remaining element needed to give companies a complete path for doing business in the state, from incorporation through going public.

“The last piece of that puzzle was the Texas Stock Exchange,” Hensarling said. “It’s now making Texas the best place to list your company and to go public.”

The exchange is developing alongside a much broader expansion of business and financial investment across Texas. Several major corporations have relocated their headquarters to the state, while large financial institutions such as Goldman Sachs, JPMorgan Chase, Charles Schwab and Bank of America have increased their presence there.

Supporters view those developments as evidence of a broader movement of businesses and capital away from traditional financial centers and toward states offering lower taxes and less regulation.

New York, however, remains the country’s dominant financial center by a substantial margin. It is home to the world’s largest stock exchange, major investment banks and exceptionally deep capital markets, giving Wall Street advantages that Texas will not easily replicate.

Still, the growing financial presence in Dallas is changing the competitive landscape. A new stock exchange, expanding corporate headquarters and the arrival or expansion of major financial firms have given Texas its most significant opportunity yet to challenge New York’s position.

Whether the “Y’all Street” concept can eventually compete directly with Wall Street remains uncertain. But Texas’ rapid economic growth and expanding financial infrastructure have made the state an increasingly important player in American finance.

For Hensarling, the direction is unmistakable.

“Texas is really becoming the economic center of gravity in America,” he said.