A proposed Bar rule amendment to set a required interest rate for lawyer IOTA accounts is being worked on by The Florida Bar Foundation and the Bar Board of Governors Disciplinary Procedure Committee.

The proposal could boost IOTA revenues by around $9 million and would be badly needed as the Foundation Board of Directors, at its November 6 meeting, approved a dramatically scaled back framework for its grants in the 2020-21 fiscal year.

Jody Hudgins, who is both a public member of the Board of Governors and a Foundation Board of Directors member, said he met with the DPC at its October meeting to discuss the idea. He also said it is supported by the Trial Lawyers Section.