Florida Official Warns Of Activist Pressure to ‘De-bank’ State's Meat and Dairy Industries

Florida’s Chief Financial Officer (CFO) Jimmy Patronis issued a stern warning last week to U.S. financial institutions, urging them to reject pressure from activist groups aiming to “de-bank” the meat and dairy industries. The activists, part of a coalition of over 100 organizations, are targeting major U.S. banks to cut off financial services to businesses involved in livestock, animal feed production, and dairy operations, claiming that doing so will combat climate change.

In his official letter addressed to JPMorgan Chase CEO Jamie Dimon, with copies to Citigroup’s Jane Fraser and Bank of America’s Brian Moynihan, Patronis emphasized that Florida will not tolerate any form of financial discrimination against its vital agricultural industries. He stressed that such efforts not only threaten jobs and economic stability but also jeopardize Floridians’ access to essential food products.

The activist campaign, spearheaded by groups like “Friends of Earth,” has demanded that banks halt financing for meat, dairy, and animal feed businesses. They aim to impose stringent “social and environmental” restrictions on financial services and submit to oversight by the United Nations. The CFO’s letter describes this as a radical and harmful effort to impose policies that would be rejected by voters.

“This insanity puts Floridians in the crosshairs of yet another activist attempt to leverage the nation’s financial system to punish law-abiding citizens. By pressuring banks, they seek to enforce extreme policies that voters would never choose at the ballot box," Patronis wrote, in part. "Targeting livestock to either eliminate meat and dairy at grocery stores, or make them so expensive that people can no longer afford them, is totally unacceptable. Consumers are already struggling to keep up with inflation, especially for groceries.”

Patronis also highlighted Florida’s commitment to protecting its agriculture industry. “Florida has outlawed Environmental, Social and Governance (ESG) and financial discrimination,” he said. He pointed to his own decision to divest billions from BlackRock due to their promotion of ESG practices and vowed to hold any financial institution accountable for supporting anti-agriculture activism.

“Florida has 1.62 million head of meat and dairy cattle, millions of square acres dedicated to farming and ranching, and our livestock and agricultural industries are a significant part of our $1.6 trillion state economy. The only thing more absurd than attacking our food system, would be allowing the banking system to facilitate its demise.”

Patronis made it clear that Florida’s legal framework, including Chapter 2004-140 of Florida law, ensures that no business should be unfairly targeted or excluded from financial services based on political agendas. He called on Dimon and other bank executives to stand firm against these activist pressures, emphasizing that Florida would support them in resisting these demands.

“Today, I remain laser-focused on returns for Floridians, and I can assure you that any attempt to improperly restrict, reduce, deny or cancel financial services to any business operating within, or in relation to, Florida’s livestock and agricultural industries will be met with swift and severe consequences. Florida law, including Chapter 2004-140, Laws of Florida, is abundantly clear on this issue.”

In his letter, Patronis urged Dimon and other banking leaders to prioritize Florida’s economy and the livelihoods of millions of residents over the demands of activist groups.
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The letter can be found in full here.