Florida CFO Jimmy Patronis is proposing a public, state-run “Sunshine Freedom Bank” to manage the state's $150 billion funds.

It would replace Florida’s reliance on big New York and San Francisco banks, save millions in bank fees, and protect taxpayers from banks that impose ESG and DEI screens, according to Florida’s chief financial officer.

Besides imposing controversial, non-banking environmental, social and governance, and diversity, equity and inclusion pressures, big banks are also “debanking,” or dropping, customers whose politics, religion or ideologies they do not agree with.

“Florida is an economic powerhouse, and it’s time to build the financial infrastructure to handle our massive size and success,” says Patronis, noting how the Florida Treasury in fiscal 2022-2023 took in $152 billion in tax revenues and disbursed $144 billion.

“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,” Patronis says.

Florida’s legislature will conduct a feasibility study to figure out what would be required to establish a Florida-chartered Sunshine Freedom Bank.

Currently, North Dakota is the only U.S. state with a government-run bank, launched 104 years ago to offer farmers lower-rate loans than commercial banks. Since then, there have been a few campaigns for state- and local-government-run banks insured by the Federal Deposit Insurance Corporation, just like any other bank.

Studies have both supported and rejected the idea, with proponents saying government-run local banks could help low-income people. Detractors argue that commercial and web-based banks already have programs for the disenfranchised.

Washington State Treasurer’s 2018 report found that setting up a state bank in Washington would cost $100 million to $300 million, put taxpayer money at risk, and potentially expose the assets to political favoritism.