Jimmy Patronis proposes state-managed Sunshine Freedom Bank to keep funds and benefits in the state

Chief Financial Officer Jimmy Patronis proposed the creation of Sunshine Freedom Bank, a state-owned financial institution with the goal of reducing dependence on out-of-state banks and keeping financial management and benefits in Florida.

Chief Financial Officer (CFO) of Florida Jimmy Patronis proposed on Monday the establishment of the “Sunshine Freedom Bank”, a state financial institution whose task would be the internal management of state finances.

According to Patronis' office, the proposal is intended to reduce Florida's dependence on out-of-state banks and potentially increase the state's financial returns by keeping all fund management in Florida. Currently, the Florida Department of Finance, which Patronis oversees, manages about $150 billion annually, administered through financial institutions in financial centers around the country, such as New York City.

“Sunshine Freedom Bank would provide solutions for our state on many levels. Florida is an economic engine and it is time to build the financial infrastructure to handle our tremendous size and success – and keep the benefits that come with it in the state. That is why I am proposing this historic financial resource,” Patronis said.

Patronis' proposal includes a feasibility study, funded by the Florida Legislature, that will examine the practical requirements for establishing Sunshine Freedom Bank, including regulatory hurdles, startup costs, technological infrastructure and governance structures. The study will also evaluate the bank's potential economic impact on the state and make recommendations for its implementation.

The proposal is a response to what Patronis sees as an over-reliance on large financial institutions outside of Florida. Patronis says managing state funds through a state-controlled bank would maintain more financial benefits in Florida and provide more direct control over how those funds are handled. In addition, the proposal suggests that Sunshine Freedom Bank could protect Floridians' assets from outside influences, such as the policies and practices of out-of-state banks.

Patronis also stressed that economic autonomy is important to him, suggesting that Florida's financial management should be free from the influence of external political and ideological factors, which he said are more prevalent in financial institutions outside the state, particularly in New York and San Francisco.

“[W]”Okay, so banks and regulators in New York, California and Washington, DC have imposed their toxic ideology on hard-working Floridians by controlling their money when they should be focused on their core business functions and maximizing returns on our investments,” Patronis said. “Using Floridians' money to force radical policies on them that they don't want is completely unacceptable. And it's shameful that these same jurisdictions have weaponized prosecutors to launch political witch hunts against successful businessmen like President Trump. Sunshine Freedom Bank will protect Floridians and increase our bottom line.”

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