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View Full Version : Bill to let banks work with cannabis companies advances in U.S. House




Swordsmyth
03-28-2019, 10:33 PM
A U.S. congressional panel advanced legislation Thursday that would allow banks to provide services to cannabis companies in states where it is legal.The bill would provide sought-after clarity to banks across the country that want to do business with the growing industry, where companies have struggled to gain access to the financial system.
The measure, which was broadly backed by a mixture of Democrats and Republicans, now proceeds to the full House, where it is expected to be passed by the Democrat-led chamber in the near future. However, the bill faces an uncertain future in the Republican-led Senate, according to analysts.


The bill has the backing of the banking industry, where firms are eager for reassurance from the federal government they can engage in this sort of business. The American Bankers Association has told Congress it takes no stance on the legality of marijuana, but its widespread adoption by states "raises practical issues that must be addressed."
Some Republican lawmakers expressed concern over permitting banks to engage in business that is still technically illegal. If Congress wants to allow banks to get into the marijuana business, it should legalize marijuana, they said.
But proponents of the bill argued that with the vast majority of U.S. states taking steps to further legalize marijuana use, it makes no sense to refuse those businesses access to banks.
"The toothpaste is out of the tube, my friends," said Representative Denny Heck, a Democrat from Washington.

More at: https://news.yahoo.com/u-congressional-panel-advances-bill-allowing-banks-engage-140907883--sector.html