Florida Chief Financial Officer Jimmy Patronis proposed the “Sunshine Freedom Bank,” a public bank of Florida that would establish state control over state funds.
The Florida Treasury, which CFO Patronis oversees, processes over $150 billion annually but relies on banks in New York City and San Francisco to manage those funds. According to the Republican state official, the Sunshine Freedom Bank would provide the opportunity to manage taxpayer dollars completely in the State of Florida, save on administrative costs, increase investment earnings, and improve Floridians’ bottom line by saving taxpayer dollars — as every investment dollar earned is one less that needs to be taxed.
The Sunshine Freedom Bank would also protect taxpayers from large financial institutions that impose “extreme” banking and investment regimes — such as Environmental, Social and Governance (ESG) credit scores and Diversity, Equity and Inclusion (DEI) discrimination — that effectively force policies that voters would never allow, according to Florida Republicans. In addition, Floridians’ assets would be better protected against overt partisan prosecutions in out-of-state jurisdictions, such as those brazenly levied against President Donald Trump, a Florida resident, and his businesses.
“The Sunshine Freedom Bank would provide solutions for our state on many levels,” CFO Jimmy Patronis said. “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. Moreover, woke banks and regulators in New York, California and Washington, D.C. 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. And it’s shameful that these same jurisdictions have weaponized government prosecutors to launch political witch hunts against successful businessmen like President Trump. The Sunshine Freedom Bank will protect Floridians and increase our bottom line.”
In Fiscal Year 2022-2023, the Florida Treasury processed $152 billion in incoming tax revenues and nearly $144 billion in outgoing disbursements. The immense volume of transactions required coordinating with multiple financial institutions and systems headquartered in New York and California, as no Florida bank was large enough. These institutions are under intense regulatory pressures to impose expensive, non-banking policies, such as ESG and DEI. They also engage in the insidious practice of “debanking,” or dropping customers and freezing their accounts over their political and religious beliefs — which Florida proudly banned.
The CFO’s proposal would begin with the Florida Legislature providing funding for a feasibility study to determine the requirements needed to build the Sunshine Freedom Bank, which would be managed by the Florida Department of Financial Services’ Treasury Division. Unlike major financial institutions in New York and California, this state bank would ensure transparency and return on taxpayer investments without imposing politically biased schemes.
Specifically, the study would:
- Research what Florida can do to grow and support Florida state-chartered banks.
- Identify federal and state regulatory requirements and processes that need to be satisfied to establish the Sunshine Freedom Bank.
- Provide information on organization startup costs and origin of funding for these costs.
- Identify vendors that have technology that could assist the Sunshine Freedom Bank with receipt and distribution capabilities.
- Provide information relating to the recruitment and appointment of a board of directors and a recommendation of the level of experience and requirements related to the management team for the financial institution.
- Provide a plan and timeline for implementing the Sunshine Freedom Bank.
- Provide a recommendation on the need and impact the Sunshine Freedom Bank will have on the state financially and operationally.
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services.
