Florida's CFO proposes creation of a public state bank!

It's not just about money for him ........

With keen ideological drive to wrest state finances from political culture war influences, Florida’s head financial officer grasps the power of public banking for the State’s bottom line and political independence:

CFO [Jimmy] Patronis Proposes ‘Sunshine Freedom Bank,’ A First-of-its-Kind State Bank of Florida TALLAHASSEE, Fla. — Today, Chief Financial Officer (CFO) 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. 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.

https://myfloridacfo.com/news/pressreleases/press-release-details/2024/08/19/cfo-patronis-proposes--sunshine-freedom-bank---a-first-of-its-kind-state-bank-of-florida