Jimmy Patronis looks to counter ‘woke’ banks with state-chartered alternative

Florida’s Chief Financial Officer believes it’s time for a state bank that mirrors Floridians’ values and rejects the left-leaning philosophies other regions of the country accept.

“The Sunshine Freedom Bank would provide solutions for our state on many levels,” CFO Jimmy Patronis said in a release announcing the proposal.

“Florida is an economic powerhouse, and it’s time to build the financial infrastructure to handle our massive size and success — and keep the associated benefits in-state. That’s why I’m proposing this historic financial resource.”

Patronis, a second-term Republican from the Panhandle, believes “woke banks and regulators … have been imposing their toxic ideology on hard-working Floridians by controlling their money, when they should be focused on core business functions and maximizing returns on our investments.

“It’s totally unacceptable to use Floridians’ money to force radical policies on them that they do not want,” Patronis added.

“And it’s shameful that these same jurisdictions have weaponized government prosecutors to launch political witch hunts against successful businessmen like President Donald Trump. The Sunshine Freedom Bank will protect Floridians and increase our bottom line.”

The CFO has backed using state resources to support former President Trump before, including with legal bills. Gov. Ron DeSantis was among those opposing the short-lived idea.

Patronis wants the Legislature to conduct a feasibility study of the concept, which could lead to a financial institution managed by the Florida Department of Financial Services’ Treasury Division.

That study would include moves to research the formation process and support for state-chartered banks; to understand regulatory requirements and organizational start-up costs; to discern which vendors could technically support the concept; to formulate guidelines for selection of a board of directors; and to plan and timeline for implementation. Finally, the study would recommend whether the bank needs to be created, and how such an institution would affect the state.

The Legislature has been receptive in recent years in asserting the state’s financial muscle against banking practices elsewhere they see as an ideological affront.

By a 80-31 vote that largely conformed to party lines in the supermajority Republican House, Rep. Bob Rommel’s bill (HB 3) passed in 2023.

Rommel’s measure aimed to “protect Florida retirement accounts and state investments from financial discrimination by eliminating the consideration of environmental and social governance (ESG) investment strategies” and “protect Floridians from being denied loans based on their political or social beliefs.”

That legislation was a sequel to 2022’s ban of ESG investments on the state level, such as in pension funds. The law targeted discrimination for religious, political and social beliefs, and bans social credit scores and housing deposits in what DeSantis called “institutions pursuing this woke ESG agenda.”