Congress Urged to Pass Banking Legislation for State Marijuana Businesses
January 24, 2018
“Allowing banks to work with these businesses is good policy, which is why the concept has bipartisan support,” Attorney General Lindemuth said. “Most importantly, bringing the cash from state-licensed marijuana businesses into the banking system will alleviate the public safety issues that come with having to rely on cash, instead of depositing money in a bank. It will also help state regulators better oversee the new industry and go after bad actors.”
Earlier this month, the U.S. Department of Justice rescinded long-standing guidance that outlined how strong state regulatory systems would protect federal interests and priorities with respect to marijuana and marijuana-related banking transactions. Withdrawing that guidance has generated uncertainty and confusion for banks and state regulators seeking to implement state law.
“Ultimately, given legalization of medical or recreational marijuana in 29 states and several U.S. territories, marijuana has become an area where states are, and should be, taking the lead,” said Attorney General Lindemuth.
Federal legislation allowing transactions to occur through the banking system is an important step to enabling state regulators to do what voters have asked.
Joining Attorney General Lindemuth in today’s letter are attorneys general from California, Colorado, Connecticut, District of Columbia, Guam, Hawaii, Illinois, Iowa, Maine, Maryland, Massachusetts, New Mexico, New York, North Dakota, Oregon, Pennsylvania, Vermont, and Washington.
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Editing by Mary Kauffman, SitNews
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