Florida’s CFO Says State Is on Course to De-Bank Wokeness
The movement to fund development aligned with environmental, social, and governance (ESG) values has faced a significant setback in Florida. Over 100 banks in the state have signed an agreement to refrain from politically discriminating against customers in exchange for a Qualified Public Depositories (QPD) accreditation. This accreditation allows them to accept public funds from state and local governments.
The announcement was made by Florida’s Chief Financial Officer, Jimmy Patronis, on January 19. Patronis revealed that approximately 120 banks, including major institutions such as Bank of America, Citibank, PNC, TD Bank, Wells Fargo, and JPMorgan Chase, have entered into the agreement. The move is being hailed as a step towards the De-woking of Banks.
The agreement comes as a result of the implementation of House Bill 3 (HB 3), which prevents banks engaged in unsafe and unsound practices of canceling services based on individuals’ political, religious, or any other beliefs from qualifying as QPDs. This legislation, signed into law in July 2021, ensures that public funds can only be deposited into QPD-designated banks.
HB 3 also prohibits the use of controversial tactics like social credit scores by financial institutions. The bill has given Floridians the reassurance that their hard-earned cash will not be subject to sudden denial or cancellation of services based on their beliefs.
Chief Financial Officer Jimmy Patronis expressed his satisfaction with the results of HB 3, stating, With the continued rise of ESG infiltrating our economic institutions, I am extremely happy to see the positive effects of HB 3. He further emphasized the commitment of the QPD banks to prioritize returns over politics, recognizing the potential threat to their bottom lines if they were to de-bank customers based on political persuasion.
The success of HB 3 can be attributed to the combined efforts of several Republicans, including Representatives Bob Rommel and Tyler Sirois, who sponsored the House version of the bill, and Senator Erin Grall, who endorsed the Senate version. Since its enactment, the bill has gained momentum, with various banks openly expressing their opposition to woke-ism. In fact, some banks proactively approached Patronis’s office to demonstrate their alignment with the bill’s objectives.
The significance of this legislation lies in its ability to safeguard Floridians from discrimination by financial institutions. It reinforces Florida’s commitment to being a safe haven for freedom, ensuring that citizens can conduct financial transactions without fear of bias or prejudice.
As the state fire marshal and a member of Governor Ron DeSantis’s cabinet, Jimmy Patronis is responsible for overseeing the Department of Financial Services. With the implementation of HB 3, Patronis has successfully initiated a movement towards de-banking wokeness, allowing Floridians to enjoy economic freedom without the threat of political targeting by financial institutions.
In conclusion, Florida’s Chief Financial Officer, Jimmy Patronis, has announced that over 100 banks in the state have agreed not to politically discriminate against customers in exchange for a Qualified Public Depositories (QPD) accreditation. This move, facilitated by the implementation of House Bill 3 (HB 3), demonstrates Florida’s commitment to prioritizing returns over politics and preventing financial institutions from engaging in discriminatory practices based on individuals’ beliefs. The success of HB 3 has reinforced Florida’s status as a safe haven for freedom, ensuring that citizens can manage their finances without facing discrimination.
