A.G. Gancarski
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.”
17 comments
Thieves
August 19, 2024 at 11:08 am
UNBELIEVABLE. The market is at an all time high once again and FASCIST FLA MAGA thinks they can continue to control people in Florida. Dementia Don is out and they will all be moving on with him. Stop the theft of my money. These so called WOKE banks are just fine.
Michael K
August 19, 2024 at 11:45 am
This anti-woke nonsense just cost the UF and Florida taxpayers $17 million.
Wake up people. Wake up!
Tom
August 19, 2024 at 11:52 am
Is this fool aiming to replace rhonda in 26? They both seem equally useless. Maybe, if we’re lucky, folks will get sick of this crap before then.
WGD
August 19, 2024 at 12:13 pm
This is nothing but an elaborate scheme to direct taxpayer money toward projects and causes that benefit Republicans. When they say “anti-woke” it means they intend to apply an ideological litmus test to anything that involves state funding. They’re extending their right wing agenda into the financial sector.
Michael K
August 19, 2024 at 12:25 pm
And by the way, my ESG-managed retirement accounts perform better than Vanguard.
Carl
August 19, 2024 at 12:50 pm
Another terrible proposal from a Big-Government Republican. What a great idea to create a bank version of CITIZENS?!! Not.
Biscuit
August 19, 2024 at 1:15 pm
NewsFlashGas out of Tallahassee: The same “leaders” of the State of Florida who are so befuddled by the insurance business that they have allowed the highest auto and home insurance rates in the nation now want to get into the State banking business. What could possibly go wrong?
Arf.
Woke and Vote
August 19, 2024 at 4:03 pm
10 attributes of a
Woke mind:
I. You read books and don’t burn them
2. You embrace science
3. You are willing to change your mind when new information becomes available
4. You understand that most issues are not black and white
5. You believe in true equality for all people
6. You have empathy
7. You embrace cooperation
8. You respect others’ rights
9. You believe culture and the arts have value
10. You care for the planet
Pastor Pasta
August 19, 2024 at 4:07 pm
Just another distraction tactic, inventing a problem that doesn’t exist to take attention off the litany of failures the FL GOP has wrought upon this state. How about solving actual problems Jimmy?
Cindy
August 20, 2024 at 10:48 am
Woke. Just a other name for greed… And ceilings…
Ken LaRoe
August 20, 2024 at 1:14 pm
This is the most ridiculous concept yet! These fascists that claim to be business friendly are now going to compete directly with banks! And those idiots don’t even know that no one will bank with a bank that doesn’t have FDIC insurance and guess what, the FDIC is a quasi-governmental FEDERAL agency that doesn’t have a problem with “woke”.
Yrral
August 21, 2024 at 10:22 am
The Federal government regulate all banks and Fincen,you cannot have access to Swift banking if you are not regulated by the Feds,I guess he want Florida to print it own currency,Banks put the majority of their money in US treasuries securities,Bank have just enough money to operate on a daily basis,Bank have been borrowing from the Treasury to stay liquid,the Fed cut off banks money that they were lending them,banks do not have enough cash on hands,if their was a bank run by depositers, because the majority of your money is tied up in loans and long term securities and the FDIC do not have the cash ,it only has less than 150 billion in cash on hands,while banks have lent out trillion to the government and loans Google FDIC Cash Reserves
Yrral
August 21, 2024 at 10:36 am
Florida is the number one money laundering state with ties to drug cartel Google Florida Money Laundering Drug Cartel
LawLib
August 21, 2024 at 11:21 am
Patronis, along with his cohorts in Tallahassee, need to get a grip! Don’t they know that this anti-woke nonsense doesn’t fly anymore, if it ever did. Rather astounding to hear “Republicans” trying to interfere with internal management of banks/businesses.
Dont Say FLA
August 21, 2024 at 1:30 pm
“Let the market sort it out” is nothing any MAGA ever says except when they’re telling lies about abortion
Yrral
August 21, 2024 at 4:49 pm
Lots of Bank in Florida are risk to failure, because of Commercial Real Estate Exposure, Google Florida Bank CRE Bank Risk
Jodie M
August 22, 2024 at 4:10 pm
What could possibly go wrong with this? Especially if Project 2025 is (God forbid) ever implemented. Part of it mentions they will do away with FDIC protections and other security regulators. So with no federal protections and these MAGA idiots we will get cheated out of our money by these crooks.
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