CFO Patronis to Congress: Investigate the Biden-Harris Administration for Supporting Debanking of U.S. Citizens

TALLAHASSEE, Fla. — Today, Chief Financial Officer Jimmy Patronis issued a formal letter to Rep. Jim Jordan, chairman of the U.S. House Select Subcommittee on the Weaponization of the Federal Government, requesting an investigation into the insidious practice of “debanking.” Debanking involves denying, suspending or dropping law-abiding banking consumers from financial institutions or services over their political and religious beliefs, and it has exploded under the Biden-Harris administration. The letter also comes in response to the U.S. Treasury Department’s effort to target Florida for enacting House Bill 989, a law that protects consumers from debanking and other partisan financial abuses within the state. A senior Treasury official recently characterized Florida’s consumer protection law as supporting “terrorism,” when in fact it frustrates the administration’s ability to hide behind national security when weaponizing the federal government against law-abiding citizens and businesses.

Read the full letter below and HERE.

Dear Representative Jordan:

As Florida’s Chief Financial Officer, I am requesting a full investigation into the Biden-Harris administration’s sinister practice of weaponizing the U.S. financial system against law-abiding citizens over their political and religious beliefs. This abuse involves pressuring or working with banks to drop — or debank — honest individuals and businesses, which jeopardizes their ability to pay bills, make payroll, protect credit, maintain customers, ensure solvency and uphold their reputations.

Debanking has exploded under Biden-Harris administration. It must stop and bad actors must be held accountable. I am submitting the enclosed letter from the U.S. Treasury Department as evidence that the administration is both facilitating and encouraging debanking, and I will support your investigation to the full extent of my authority.

As part of my “Florida Fights for Freedom” 2024 legislative priorities, the Florida Legislature passed House Bill 989, effective July 1, which bans the disgusting practice of politically motivated debanking and provides recourse for victims. The law also bans social credit scores and requires impartial standards for providing services to consumers. Put another way, we outlawed woke financial discrimination.

In response, the U.S. Treasury Department has accused us of “threatening national security.” Because we stood up to Biden-Harris debanking abuses and protected the 23 million Americans in our state, we are being targeted for supporting “terrorism” and “international drug trafficking.” It’s so ridiculous it’s almost funny.

There is also a complete lack of transparency surrounding these abuses. Banks do not tell customers when they have been reported to the federal government for “suspicious” activity. When customers are debanked and frozen out of their accounts, it’s often without justification or notice. In addition, the use of “risk profiles” likely includes subjective factors, such as political expression or Second Amendment rights, that amount to a social credit system.

Debanking is yet another reason why hard-working Americans have lost faith in the integrity of the federal government. The administration should not be allowed to hide behind the veil of national security and conflate legitimate oversight with destroying law-abiding individuals and businesses it does not like.

It’s time to put people under oath and hold them accountable. We cannot afford to arbitrarily cancel bank accounts and deny access to the financial system over political reasons if we are going to be a free society. We must get back to evaluating banking consumers on their objective financial merits and return on investment — our democracy depends on it.

Sincerely,

Jimmy Patronis

Chief Financial Officer

###

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 X (@FLDFS).