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AUSTIN, Texas (CBSDFW.COM/AP) — Lt. Gov. Dan Patrick is criticizing a business group study suggesting that the so-called “bathroom bill” could cost Texas billions in lost revenue.

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The Texas Association of Business has estimated that a proposal barring transgender Texans from using the public restroom of their choice could cost the state up to $8.5 billion.

The study also referenced North Carolina, which faced boycotts and lost major sporting events after approving a similar measure.

Patrick has decried the study before. But he called a news conference Monday to brand it “bogus” and “fear mongering.”

He also pointed to a newspaper fact-check story questioning the study’s methodology.

In a statement Monday, the association again pointed to North Carolina’s fallout saying “we don’t need studies alone to prove the negative impact of this unnecessary legislation.”

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Next year, the NCAA Final Four will be held in San Antonio.

This spring, the NCAA Women’s Final Four will be held at the American Airlines Center in Dallas.

No major events in Texas have been cancelled after the filing of the bill.

House Speaker Joe Straus, R-San Antonio, has reportedly said the bill isn’t a priority for him.

After being elected unanimously by 150 members of the Texas House last month, Straus hinted to that effect during remarks to legislators.

“If someone wants to invest in Texas, and they want to bring commerce and opportunity to our state, we should welcome them,” said Straus. “This state should invite economic activity, not turn it away.”

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