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IN CASE YOU MISSED IT…. News4Jax: “Florida bankers in uproar over Biden plan”

10/13/2021

For Immediate Release: Wednesday, October 13, 2021
Contact: Office of Communications, Communications@MyFloridaCFO.com, 850.413.2842

IN CASE YOU MISSED IT….
News4Jax: “Florida bankers in uproar over Biden plan”

“Florida bankers in uproar over Biden plan”
News4Jax 
October 11, 2021
To read full story, click HERE.
To watch the video, click HERE
 
TALLAHASSEE, Fla. – Tuesday was “National Savings Day,” a day when spending less and saving more are emphasized.

But a proposal by the Biden administration to snoop on your bank account could result in fewer savings and fewer people using banks.
Under the plan being pushed by the White House, banks would be required to share your account information including what went in, what came out, and where it went.

The information would be reported regularly. It would also track transactions of $600 or more.

“You’ll encourage more underground economy,” said Florida Chief Financial Officer Jimmy Patronis.
Nearly two dozen state financial officers have written to say it’s a bad idea.

Patronis is one of the signers.

“At the end of the day, I don’t think having Uncle Sam sitting in my bedroom, finding out what I’ve purchased over the last thirty days is any of their business,” said Patronis.

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Patronis also told us he has directed the Department of Financial Services to try and find a way to exempt state residents from the plan if it becomes law.
 
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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).