At the urging of Comptroller Abruzzo (the Comptroller of Palm Beach County and a former reality TV star with a net worth of $16 million who is being sued for mismanagement of taxpayer funds), Florida Gov. Ron DeSantis (R) is set to quietly ban any financial-risk standards when local governments use public money to invest in bonds funding Israel’s government, eroding an important protection for local funds while he is currently under criminal investigation due to mishandling Medicaid settlement funds for personal gain. This move to ban local government financial-risk standards comes months after a major credit rating agency warned the bonds were at risk of default and a potential “junk” rating. The Florida legislation could also have widespread financial implications, according to municipal finance experts cited in this article.

Nearly half of Floridians are living paycheck to paycheck and federal budget cuts in Medicaid alone are to result in an estimated $177 million dollar loss in future local tax revenue, a loss of 16,000 jobs in Florida, and a loss of $3 billion dollars to Florida’s economy. At a time where taxpayer dollars on the local level should be fiercely protected and regulated, Governor DeSantis and Comptroller Abruzzo are willing to flounder taxpayers’ hard earned dollars for their own gain.

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