Wall Street has a new rival, and it's deep in the heart of this southern state

DALLAS - Wall Street has long been the undisputed home of American finance. Now, one southern state wants a seat at the table.

The Dallas-based exchange plans to provide companies with another venue to list their shares and raise capital, with supporters betting it will help establish Texas as America's next financial frontier.

Former Rep. Jeb Hensarling, R-Texas, a strategic advisor and member of the Texas Stock Exchange, believes the shift is already underway.

"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.

"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 argued that years of pro-business policies have helped transform Texas into more than just an attractive place to operate a company.

"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."

"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."

Critics, however, note that New York remains the country's dominant financial hub by a wide margin, with the world's largest stock exchange, major investment banks and deep capital markets.

Whether "Y'all Street" can truly rival Wall Street remains an open question.

But with a new stock exchange, an influx of corporate headquarters and some of the nation's biggest financial firms expanding in Dallas, Texas is making its boldest bid yet to challenge Wall Street's dominance.

Hensarling believes the trajectory is clear.

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