Chief Financial Officer of Florida

Chief Financial Officer of Florida
Florida Department of Financial Services · Public domain · source
Post	Chief Financial Officer of Florida
Body	State of Florida
Incumbent	Jimmy Patronis
Incumbentsince	November 22, 2017
Department	Florida Cabinet
Style	The Honorable
Reports to	Governor of Florida
Seat	Tallahassee, Florida
Appointer	Popular election
Termlength	Four years, renewable once consecutively
Formation	2003
Precursor	Florida Department of Banking and Finance

Chief Financial Officer of Florida is a constitutional statewide elected official who administers financial, insurance, auditing, and regulatory functions for the State of Florida. The office is a member of the Florida Cabinet alongside the Governor of Florida, the Attorney General of Florida, and the Commissioner of Agriculture and Consumer Services. The position combines duties formerly assigned to separate agencies such as the Florida Department of Banking and Finance and the State Board of Administration of Florida.

Duties and Responsibilities

The officeholder oversees fiscal stewardship, insurance regulation, and auditing across entities including the Florida Retirement System, the State Board of Administration of Florida, and the Florida Division of Emergency Management when finances intersect with disaster response. Responsibilities include supervising the Florida Office of Insurance Regulation, managing unclaimed property through the Florida Department of Financial Services Unclaimed Property Program, and acting as chief fiscal officer for agencies that interact with the Florida Legislature, the Governor of Florida, and local Miami-Dade County or Orange County authorities. The CFO directs investigations into financial wrongdoing alongside the Florida Department of Law Enforcement, cooperates with the United States Department of the Treasury on banking matters, and coordinates with the Federal Emergency Management Agency and the National Association of Insurance Commissioners on catastrophe funding and insurance solvency.

Election and Term

The CFO is elected statewide in partisan elections concurrent with the United States midterm elections and serves a four-year term subject to term limits established by the Florida Constitution of 1968 and subsequent amendments. Candidacy involves campaign financing regulated by the Florida Division of Elections and reporting to the Federal Election Commission when federal law applies to fundraising. Vacancies are filled by appointment procedures involving the Governor of Florida and confirmation practices reflective of precedents set in cases involving the Florida Senate. The office has been held by members of major parties such as the Republican Party (United States) and the Democratic Party (United States).

History and Officeholders

The position emerged from reorganization following the Constitutional Revision Commission (1998) and legislative consolidation in the early 2000s, replacing functions of agencies like the Florida Department of Insurance and the Florida Department of Banking and Finance. Early predecessors in state financial oversight include officials from the State Treasurer and Insurance Commissioner of Florida's pre-1998 arrangements and notable officeholders have included Tom Gallagher, Alex Sink, Jeff Atwater, and Jimmy Patronis. The office has intersected historically with major events such as Hurricane Katrina, Hurricane Irma, and budgetary disputes during administrations of governors like Jeb Bush and Rick Scott. Litigation involving the office has reached state courts such as the Florida Supreme Court and federal venues including the United States District Court for the Northern District of Florida.

Organization and Staff

The department under the office includes divisions such as the Division of Insurance Fraud, the Division of Consumer Services, and the Division of Accounting and Auditing, staffed by professionals who coordinate with agencies like the Florida Auditor General and federal counterparts such as the Internal Revenue Service. Senior staff often include a Chief of Staff, General Counsel, Chief Actuary, and Directors for bureaus that interact with entities like the Securities and Exchange Commission and the National Association of Insurance Commissioners. The office maintains regional offices to liaise with jurisdictions including Jacksonville, Florida, Tampa, Florida, Orlando, Florida, and Miami, Florida and collaborates with county treasurers, municipal finance officers, and the Florida League of Cities.

Powers and Oversight

Statutory powers derive from the Florida Statutes codifying authority over audits, fiscal examinations, insurance regulation, and the management of unclaimed property. The CFO issues directives influencing the State Board of Administration of Florida investment policies, oversees audits that can trigger actions by the Florida Senate or the Florida House of Representatives oversight committees, and partners with enforcement bodies such as the Florida Department of Law Enforcement and the United States Department of Justice on fraud prosecutions. The office can promulgate rules under the Administrative Procedure Act (United States) framework and has subpoena powers in investigative contexts subject to judicial review by courts including the Florida Circuit Courts.

Notable Initiatives and Controversies

Initiatives have included reforms to the Florida Hurricane Catastrophe Fund, efforts to streamline unclaimed property reunification with heirs, and anti-fraud campaigns coordinated with the National Insurance Crime Bureau and American Bar Association task forces. Controversies have arisen over regulatory decisions affecting insurers such as Citizens Property Insurance Corporation, audits scrutinized during the tenures of officeholders like Alex Sink and Jeff Atwater, and political disputes tied to administrations of governors including Charlie Crist and Rick Scott. High-profile incidents have spawned investigations involving the Florida Inspector General and litigation in forums like the Florida Supreme Court.

Category:Government of Florida Category:State constitutional officers of the United States