May 29, 2025 - TRA Austin -

Today, Governor Greg Abbott signed a bill that singles out and could potentially put a damper on investment in high-speed rail development in Texas.

House Bill 2003, filed by rural Representative Cody Harris, (R) Palestine, will require a private high-speed railroad company to open its books to the public, ahead of even finalizing its financial deal with investors. The law takes effect September 1st. 

The bill received a public hearing in the House and Senate in which Texas Rail Advocates testified and expressed concern over sensitive and proprietary financial documents that would have to be reported to the state every year and posted on a public state website.        

In April. the House Transportation Committee heard testimony from Andy Jent, representing Kleinheinz Capital Partners of Fort Worth. The company had recently assumed the largest financial stake in Texas Central, the railway intent on building a high-speed rail line between Dallas and Houston.  

During the hearing Jent said "what I'm concerned about with this particular bill is it's asking for information that is early in the process", said Jent."This bill is appropriate when you are under construction, when you are reporting or when you are utilizing eminent domain or when you've got the financing", according to Jent. "If you're in the development stage of something, producing things can be taken out of context."

The law will now require any private railway that plans to build a high-speed rail line capable of speeds of more than 110 miles per hour to divulge a number of financial metrics yearly. No other type of transportation requires the depth of information that the bill requires of a private company.

"We don't object to general reporting requirements for a fledgling company trying to put together it's financial data for legislators", according to Texas Rail Advocates President Peter LeCody, who testified before the Senate Transportation Committee. "But when you single out a private company like you're asking Coca-Cola to tell you what their proprietary ingredients are in the mix, that's going a step too far. There are delicate negotiations going on with billions of dollars in play. This is a private company, not a public entity like TxDOT. This can send a chilling effect for private investment."