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As longtime supporters of banking and economics professor Richard Werner, Solari is excited to share an important development regarding state banking efforts in Florida that he’s been involved in.
Many of you are familiar with Prof. Werner’s advocacy for local banking systems that serve small businesses and communities—not the interests of Wall Street or central bankers. He has written extensively on the benefits of state-owned banks. In 2023 Solari enlisted Prof. Werner to write a briefing on how a state-owned bank would benefit Tennessee, which can be read here.
Unfortunately, the Tennessee State Constitution currently prohibits the establishment of such a bank. However, Florida does not face that barrier. Prof. Werner has now completed a detailed proposal for a State Bank of Florida (SBFL). Prof. Werner tweeted about this initiative here, and you can read further details here.
The initiative follows the example of the Bank of North Dakota, which is currently the only state-owned bank in the United States.
We believe this proposal is well worth tracking—not only as a powerful economic tool for Florida, but as a potential template for future constitutional reform in Tennessee. The model could eventually help Tennessee overcome current legal barriers and reclaim greater monetary independence at the state level.
In freedom,
The Solari Team |
