Senator Presses Biden Treasury Nominee On Marijuana As House Omits Banking Protections In COVID Bill

MJmooment

A Democratic senator on Tuesday pressed President Joe Biden’s nominee for a top Treasury Department role on revising banking rules for marijuana businesses. But at the same time, House Democrats seem to have abandoned, at least for now, efforts to enact the cannabis financial services reform through coronavirus relief legislation despite their concerted push to attach the issue to COVID bills last year. During a confirmation hearing before the Senate Finance Committee, Sen. Catherine Cortez Masto (D-NV) asked Treasury deputy secretary nominee Adewale Adeyemo whether he feels 2014 Financial Crimes Enforcement Network (FinCEN) guidance should be updated to “set expectations for financial institutions that provide services to cannabis-related industries” and what steps he would take to that end. Adeyemo replied, “I look forward, if confirmed, to talking to my colleagues at Treasury about this important issue and thinking through what changes may be needed and doing this in a way that’s consistent with the interagency with the president’s guidance. In doing that, I look forward to consulting with you and members of this committee on our path forward.” Watch the discussion on Treasury policy on marijuana businesses, starting around 2:17:30 into the video below:  Under the 2014 Obama-era guidance, financial institutions were advised on how to navigate the Bank Secrecy Act for marijuana businesses operating in compliance with state law. They also received direction on reporting requirements for working with clients in the cannabis industry. Updating that guidance would represent a positive development for state-legal cannabis markets. But financial issues within the industry would also be resolved if Congress approved a more comprehensive bill to end marijuana prohibition or standalone legislation—such as the Secure and Fair Enforcement (SAFE) Banking Act—to provide protections for banks that service these businesses from being penalized by federal regulators. It's heartening to see @SenCortezMasto ask…

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Source : Senator Presses Biden Treasury Nominee On Marijuana As House Omits Banking Protections In COVID Bill

reposted by Cannabis News World

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