A group representing state treasurers and finance officials is formally calling on Congress to pass legislation allowing marijuana businesses to more readily store their profits in banks. The National Association of State Treasurers adopted a resolution on Friday announcing that the organization “supports common sense federal laws and regulations to provide essential banking services to […]| Marijuana Moment
The federal government would save money if a bipartisan bill to give marijuana businesses access to banks is approved, according to a report released by the Congressional Budget Office (CBO) on Friday. The legislation, which cleared the House Financial Services Committee in a bipartisan vote of 45 to 15 in March, would change federal law […]| Marijuana Moment
Some Republican senators say there is a chance that Sen. Mike Crapo (R-ID), who chairs the Senate Banking Committee, will schedule legislation aimed at increasing marijuana businesses’ access to financial services for a hearing in his panel if it passes the House of Representatives. Sens. Kevin Cramer (R-ND) and Rand Paul (R-KY) both told Marijuana […]| Marijuana Moment
A congressional committee voted on Thursday to approve legislation aimed at increasing marijuana businesses’ access to banks. Following multiple days of lengthy debate and consideration of several amendments, the House Financial Services Committee voted 45 to 15 to advance the legislation to the full body. Floor action has not yet been scheduled, but cannabis reform advocates are hopeful […]| Marijuana Moment
Advocates of expanding marijuana businesses’ access to banks are pursuing two new strategies: amending pending standalone legislation to broaden its GOP appeal as well as supporting a separate a rider on the issue that was recently attached to a large-scale appropriations bill. While lawmakers have primarily focused on the bipartisan standalone bill, which would provide […]| Marijuana Moment
The Republican chairman of the Senate Banking Committee said on Tuesday that he couldn’t promise that his panel will take up a bipartisan bill to shield banks that service marijuana businesses from being penalized by federal financial regulators. The legislation—called the Secure And Fair Enforcement (SAFE) Banking Act—was approved by the House Financial Services Committee last […]| Marijuana Moment
A top official with the Federal Reserve said on Wednesday that the department would clarify to banks that hemp is a legal crop and that they are allowed to provide hemp businesses with financial services without violating the law. During her confirmation hearing for a renewed term, one of the Fed’s board members was pressed […]| Marijuana Moment
