The Left is using the financial system to impose its agenda through the backdoor.
Now the blowback is coming for turning banking into a political battlefield.
And Florida has one plan to take on woke Wall Street titans that they never saw coming.
Florida official proposes non-woke bank
Florida Governor Ron DeSantis is leading the charge in fighting back against schemes like environmental, social, and governance (ESG) investing that puts left-wing politics ahead of profits.
Investing in left-wing political priorities like climate change is prioritized over getting the best possible return for investors.
The Left is using ESG to try to achieve political goals they could never pass through a legislature by having allies in Wall Street flex their financial muscle.
DeSantis has banned ESG from being used in investing decisions for Florida’s public pension funds and pulled $2 billion investments from BlackRock, the biggest asset manager in the world and the lead proponent of ESG on Wall Street.
Now, the state is considering cutting more ties with the woke titans on Wall Street.
Florida Chief Financial Officer (CFO) Jimmy Patronis proposed creating a Sunshine Freedom Bank to use as the bank where Florida holds its assets instead of relying on a Wall Street bank in New York.
The Florida Treasury has about $150 billion that is deposited with various financial institutions around the country.
Keeping Florida’s money safe from political influence
Patronis proposed having the Florida Legislature study what it would take to make the Sunshine Freedom Bank a reality.
“The Sunshine Freedom Bank would provide solutions for our state on many levels,” Patronis said. “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.”
He explained that keeping the money in Florida would give the state more control over the funds and save administrative fees paid to financial institutions.
And it would allow Florida to keep its finances free from the political agenda of financial institutions based in San Francisco and New York City.
“[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,” Patronis said.
“It’s totally unacceptable to use Floridians’ money to force radical policies on them that they do not want,” Patronis continued. “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.”
The Left has turned the financial system into a political battlefield with ESG and regulations.
“The Sunshine Freedom Bank would also protect taxpayers from large financial institutions that impose extreme banking and investment regimes — such as Environmental, Social and Governance (ESG) credit scores and Diversity, Equity and Inclusion (DEI) discrimination — that effectively force policies that voters would never allow,” Patronis’ office stated.
Republicans are going to find ways to fight back against having financial leverage used to force a political agenda on them.
DeSantis Daily will keep you up-to-date on any new developments in this ongoing story.
