banking and marijuana

While a bipartisan bill that would pave the way for financial institutions to bank marijuana picks up steam, panels in the U.S. House and Senate are defeating measures and amendments that are essentially attempting to do the same thing.

The Senate Appropriations Committee last week rejected an amendment that would have allowed financial institutions in states that have legalized marijuana to bank marijuana businesses without fear of running afoul of federal law, according to Forbes.

A little less than two weeks ago, the House Appropriations Committee voted down a measure that would have prevented the U.S. Department of the Treasury from punishing a financial institution for providing financial services to an entity participating in a business or organized activity associated with marijuana.

The amendment the Senate panel rejected would have been tied to the Fiscal Year 2019 Financial Services and General Government funding bill.

Sen. Patrick Leahy (D-Vermont), who is vice chairman of the Senate Appropriations Committee, said that he wanted to keep spending legislation “free of new controversial policy riders,” according to Forbes. The measure taken up by the House Appropriations Committee would have been attached to legislation to fund the Treasury Department for Fiscal Year 2019.

The bipartisan legislation, which is called the STATES Act and sponsored by Sen. Elizabeth Warren (D-Massachusetts) and Sen. Cory Gardner (R-Colorado), would permit marijuana-legal states to make their own laws without federal interference.

The bill has garnered support from lawmakers on both sides of the aisle, trade groups and even President Donald Trump, although it is not expected to be taken up by Congress until November.

Lawmakers Vote Down Marijuana Banking Measures

by Bram Berkowitz time to read: 1 min
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