Colorado Treasurer Discusses Need For Federal Marijuana Banking Reform And Impact Of Senate Inaction

Colorado Treasurer Discusses Need For Federal Marijuana Banking Reform And Impact Of Senate Inaction
MJ moment

As congressional lawmakers continue to push for the passage of federal marijuana banking legislation, state treasurers across the U.S. are making clear their support for the policy change. And Colorado Treasurer Dave Young has been among the most vocal in his advocacy for the banking fix. Young, who moderated a panel focused on cannabis banking issues at an annual conference of the National Association of State Treasurers (NAST) this week, spoke to Marijuana Moment on Thursday about the importance of ensuring that financial institutions are protected from being penalized by federal regulators for working with state-legal marijuana businesses. Moderated by Colorado Treasurer Dave Young, the panel discussed the history, challenges, and prospects for #SAFEbanking laws that would allow legal #cannabis businesses into the mainstream banking system. https://t.co/aNykMX8050 pic.twitter.com/TWC1eQwUS0 — Colorado Treasurer Dave Young (@ColoTreasurer) March 15, 2022 The enactment of the Secure and Fair Enforcement (SAFE) Banking Act, sponsored by Rep. Ed Perlmutter (D-CO), would accomplish that, he said. The bill has cleared the House in some form six times at this point, but it’s yet to advance in the Senate under Republican or Democratic control. At Tuesday’s NAST panel, Young conveyed to policymakers and congressional officials in the audience that this is not simply a matter of normalizing an industry that has been largely cut off from the federal financial system—it’s also a public safety imperative. Marijuana businesses in his and other states have been routinely targeted by criminals because many are forced to operate on a largely cash-only basis, he said. It’s also a point that Perlmutter, who is retiring from Congress at the end of this session, has made. It’s part of why he’s expressed frustration with Senate Democratic leadership, which has declined to take up the SAFE Banking Act before advancing comprehensive legalization, in part because…

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Source : Colorado Treasurer Discusses Need For Federal Marijuana Banking Reform And Impact Of Senate Inaction

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