Key GOP Senate Chairman Outlines Changes He Wants For Marijuana Banking Bill

Key GOP Senate Chairman Outlines Changes He Wants For Marijuana Banking Bill

The head of the Senate Banking Committee is clarifying which aspects of a House-passed marijuana banking bill he would like to change as his panel moves toward taking up the legislation. In a Thursday interview with Marijuana Moment on Capitol Hill, Chairman Mike Crapo (R-ID) described modifications he is working on to the Secure and Fair Enforcement (SAFE) Banking Act, which cleared the House along bipartisan lines in a 321-103 vote last month. “The things we’re looking at are, first of all, to make sure we improve and clarify the interstate banking application of all of this,” Crapo said. “Secondly, money laundering issues with regard to legacy cash to make sure how that is managed properly. [Financial Crimes Enforcement Network] issues and other related issues. And then finally the health and safety issues about what is going to be banked.” “Take tobacco for example, every state I think has some kind of regulatory parameters around the utilization of tobacco, even if it’s just an age limit on who can purchase it or what have you and the types of products that are going to be allowed,” he continued. “That gets into a legal issue that I think the states need to be more engaged in, but it also impacts the question on what would be banked. Those kinds of issues—health and safety, interstate commerce and money laundering.” While it’s not exactly clear which language changes Crapo has in mind for the House-passed legislation, his reference to “health and safety issues about what is going to be banked” could refer to certain restrictions on cannabis businesses that want to store their profits in financial institutions, or even requirements that states enact certain policies in order for operators within their jurisdictions to qualify. In response to another reporter’s question about the spike…

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Source : MJ moment
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