A change in legislation accidentally led to a temporary ban on the largest banks in the country from operating in Florida for several weeks. Turns out, an amendment designed to boost investment in the state’s economy included a technically accurate but poorly worded clause.

In its attempt to block bad actors with a criminal record from exploiting Floridians, the law unintentionally banned any bank previously penalized by the SEC or other authorities from offering certain securities to investors.

The catch? Pretty much all the major banks — from Bank of America to JPMorgan Chase and Goldman Sachs — have run afoul of regulators at some point.

Of course, the issue was quickly “resolved” the old-fashioned way — with a few calls to the governor’s office. In the end, they chalked it all up to “a drafting error in the legislative process.”

Well, could we really expecting anything different?

Source: https://www.wsj.com/finance/regulation/florida-accidentally-banned-banks-from-doing-business-in-sunshine-state-067383e3?mod=djem10point