Saying that financial capital goes where it feels most welcome, former state Rep. Tom Grady became Florida's newest commissioner of the Office of Financial Regulation after unanimous approval Tuesday by the governor and Cabinet.
A former state representative from Naples, Grady comes to the post after a career as an investment and financial services lawyer with knowledge of the industry his office will regulate.
He also comes in with banks under heavy scrutiny for the last few years, with the state among the most burdened in the nation by foreclosures, and a court docket that was loaded up with the cases until the tempo slowed after a moratorium in the wake of questions about possible fraud in processing them.
Grady said Tuesday he'll balance making the state friendly to banks with the need for consumer protection.
"Capital goes where capital is treated well and I think the mandate of this board will be to treat capital well in the state of Florida," Grady said. "But I also know we need to also balance the desire to attract capital and treat it well with the necessity to have full disclosure, transparency and accountability for that capital."
Grady takes over Aug. 29 from outgoing commissioner Tom Cardwell.
Grady was elected to the House in 2008, where he served on the Insurance, Business and Financial Affairs Policy Committee as vice chair. He also served on the Civil Justice and Courts Policy Committee, Criminal and Civil Justice Policy Council and Pre K-12 Appropriations Committee.
During his legislative tenure from 2008-2010, Grady worked on the effort to streamline the foreclosure process as the real estate market was in freefall, with Southwest Florida becoming the epicenter of the building boom gone bust. Grady said he hopes to continue that effort in his new post.
Grady said Tuesday he has yet to map out a list of priorities. He said much of the heavy lifting on securities and financial regulation will come from lawmakers who set policy, but he'll do what he can to assist.
One area of concern remains the state's real estate market, which greatly affects the state's financial and security industries. While having improved, the state's housing market is an area that has vexed lawmakers and slowed the state's economic recovery.
"From a policy perspective, I continue to believe that we will not move forward as a state with a strong economy until we get to the bottom of the real estate problem," Grady told the News Service after his appointment.
Cabinet members on Tuesday applauded the pick, saying Grady brings a combination of lengthy financial and legal experience with knowledge of the legislative process.
"This is really an extraordinary choice "said Chief Financial Officer Jeff Atwater. "He has a strong sense of how securities business and financial services business work It's wonderful that he has been willing to accept the invitation to enter public service again."
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