CFO Jimmy Patronis proposed creating the “Sunshine Freedom Bank,” a state-managed financial institution aimed at reducing reliance on out-of-state banks and keeping financial management and benefits within Florida.
Florida Chief Financial Officer (CFO) Jimmy Patronis proposed on Monday the creation of the ‘Sunshine Freedom Bank,’ a state-managed financial institution designed to manage the state’s funds internally.
According to Patronis’ office, the proposal seeks to reduce Florida’s reliance on out-of-state banks and potentially increase the state’s financial returns by keeping all fund management within Florida. Currently, the Florida Treasury, overseen by Patronis, handles approximately $150 billion annually, managed through financial institutions located in financial centers nationwide like New York City.
“The Sunshine Freedom Bank would provide solutions for our state on many levels. 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 said.
Patronis’ proposal includes a feasibility study, funded by the Florida Legislature, that would explore the practical requirements of establishing the Sunshine Freedom Bank, including regulatory hurdles, startup costs, technological infrastructure, and governance structures. The study would also assess the potential economic impact of the bank on the state and provide recommendations for its implementation.
The proposal comes in response to what Patronis views as an over-reliance on large financial institutions outside of Florida. According to Patronis, managing state funds through a state-controlled bank would keep more financial benefits within Florida and offer more direct control over how these funds are handled. Additionally, the proposal suggests that the Sunshine Freedom Bank could protect Floridians’ assets from external influences, such as policies and practices imposed by out-of-state banks.
Patronis also noted his perceived importance of economic autonomy, suggesting that Florida’s financial management should be free from the influence of external political and ideological factors, which he argues are more prevalent in financial institutions outside the state, specifically targeting New York and San Francisco.
“[W]oke 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,” said Patronis. “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.”