Last week, state Sen. Blaise Ingoglia, R-Spring Hill, and state Rep. Dean Black, R-Jacksonville, filed a bill disqualifying certain individuals from serving on the board of directors of a bank that became insolvent.
If enacted, the individual is disqualified from serving on the board of another bank for five years after the date such bank became insolvent.
“Floridians deserve to have trust in our financial institutions. It’s simply not fair that individuals that have contributed to putting deposits at risk be allowed to continue that behavior. This pro-consumer piece of legislation ensures that bad actors, who put taxpayers and depositors at risk, cannot be in a position to do so again,” said Ingoglia.
“Florida consumers deserve competent, fiscally responsible oversight over our banks and financial institutions. Under this bill, we will ban executives who have been party to any bank failure from serving on the board of a Florida bank,” said Black.
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