Chief Financial Officer Jimmy Patronis on Monday put banks on warning.
In a letter sent to Office of Financial Regulation Commissioner Russell Weigel, the statewide official called on regulators to police financial institutions that politically discriminate against specific groups.
Patronis contended that banks who withhold services for political reasons are practicing a financial form of “cancel culture.”
He called on regulators to “analyze whether a Florida-chartered bank that exhibits political discrimination toward a specific industry group is engaged in an unsound banking practice.”
He also instructed the office to determine if the practice “merits issuance of a cease-and-desist order.”
“Politically discriminatory banking practices are harmful to the economy of our state and nation,” Patronis wrote. “The banking industry has a shameful track record of denying financing to disfavored groups and we cannot allow ‘cancel culture’ to run roughshod over American enterprise.”
The disenfranchised companies are often “too conservative” or not aligned with the “woke left,” Patronis wrote.
He further warned that the practice will hurt workers and families.
“An American business that is unbanked is not a business at all,” Patronis wrote. “Ultimately, the inability for certain industries to secure banking services will cost Americans jobs.”
Patronis’ letter marks the latest Republican push against “cancel culture.”
Republican Sen. Ray Rodrigues is sponsoring legislation (SB 264) that aims to diversify viewpoints in academia.
House Speaker Chris Sprowls, meanwhile, referenced “cancel culture” several times during his opening remarks as Speaker.
Cancel culture is a modern form of digital and social ostracism.
Meriam-Webster defines the practice as a halt in support of a person. In more high-profile instances, the act of canceling someone often involves a social media company banning the individual from its platform.
A copy of the letter is featured below.