50 State Banking Associations Demand Senate Vote On Marijuana Banking Legislation

50 State Banking Associations Demand Senate Vote On Marijuana Banking Legislation

Banking associations from 49 states and Puerto Rico sent a letter to the chairman and ranking member of the Senate Banking Committee on Friday, imploring them to advance a bill protecting financial institutions that service state-legal marijuana businesses. In the letter to Sens. Mike Crapo (R-ID) and Sherrod Brown (D-OH), the groups stressed that they are not taking a stance on the broader question of cannabis legalization but support House-passed legislation preventing federal regulators from penalizing banks solely because they work with marijuana companies. They urged a markup of the Secure and Fair Enforcement (SAFE) Banking Act, was was approved along largely bipartisan lines in the House last year. While more states have moved to legalize cannabis in one form or another, “current federal law continues to prevent banks from safely banking these businesses without fear of federal sanctions,” the associations wrote. “As a result, this segment of our local economies is forced to operate on an all-cash basis, which creates serious public safety, revenue administration, and legal compliance concerns in the communities we serve. The impact on our local economies could also prove significant, as revenue paid to unrelated industries that provide products and services to state-authorized cannabis businesses such as law firms, accountants and contractors is technically money derived from illegal activities, and thus could be considered money laundering.” The groups, which include banking associations representing every state except Kentucky, added that the ongoing confusion over existing policy conflicts “raises significant questions” about whether financial institutions can serve…

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Source : MJ moment
Link to original : 50 State Banking Associations Demand Senate Vote On Marijuana Banking Legislation
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