The FEC Record
FEC records document contributions from Kenneth Griffin to the Preserve America PAC. The PAC supported Governor Ron DeSantis's political activities including his 2022 re-election and subsequent political efforts. The magnitude of the donation — reported at approximately $50 million — places it among the largest disclosed individual donations to a state-level political effort in recent years.
The Miami Relocation
In 2022, Citadel Securities announced it was relocating its headquarters from Chicago to Miami. Griffin cited Illinois' business environment and public safety concerns. The relocation took place after substantial political giving to Florida political figures. The timing has been noted by journalists and critics, though Griffin and Citadel have denied any connection between the political donations and regulatory considerations in Florida versus Illinois.
Florida Regulatory Environment
Florida's financial regulatory environment has historically been considered less aggressive than that of Illinois. The Office of Financial Regulation is Florida's primary financial industry regulator. Critics have argued that the combination of Griffin's political investment in Florida politicians and Citadel's relocation to Florida warrants scrutiny. This is a matter of public debate; The Ethics Reporter presents the documented facts and notes the ongoing discussion.
Political Spending and Financial Regulation
When major financial industry figures make extremely large political donations to politicians who have authority over or influence on financial regulation, questions about regulatory capture are legitimate and important to public discourse. The Ethics Reporter does not assert that Griffin's donations influenced any specific regulatory decision. We do assert that documenting and publicizing these relationships is an essential function of accountability journalism.