CFO Patronis: In Aftermath of SVB, HB3 Will Protect Florida Banks from ESG

TALLAHASSEE, Fla. - Today, Chief Financial Officer (CFO) Jimmy Patronis issued a statement following the passage of House Bill 3 by Representative Bob Rommel from the House State Affairs Committee. The legislation will now move to the House Floor. House Bill 3 prohibits financial institutions from discriminating against consumers for their beliefs, barring the consideration of "ESG Credit Scores;” and permanently prohibiting SBA fund managers from considering ESG factors when investing the state's money.

CFO Jimmy Patronis said, "On its own this is a great piece of legislation because it will protect Floridians’ returns from ESG. After the Silicon Valley Bank (SVB) failure, however, it’s clear that this legislation is critical to bolstering protections from continuing failures. It’s common sense that if banks are focused on ESG, they’re diverting cash away from generating returns and providing quality customer service. Too many asset managers and bankers have forced businesses throughout the nation to adopt ESG standards for whatever reason and this legislation will provide Florida banks with a good reason to end whatever ESG-nonsense that’s being shoved down their throats. Inflation doesn’t show any signs of easing, interest rates have climbed, and our country most likely has some challenging times ahead. If we are going to protect Florida’s economy HB 3 will be critical to protecting not only our investments, but Florida communities that rely on safe banking institutions. Big thanks to Representative Rommel for championing this important bill in the House.” 

Representative Bob Rommel said, “ESG is a plague upon Florida businesses and investments. I’d like to thank CFO Jimmy Patronis for his leadership and support for this good piece of legislation. House Bill 3 will protect taxpayer dollars and ensure Florida’s economy isn’t infected with corporate activism.”

To view CFO Patronis’ 2023 “Keep Florida Free” Legislative Priorities, click HERE.

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About CFO Jimmy Patronis  
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).