Congressman Heck Introduces Marijuana Banking Amendments
by NORML
September 2, 2017
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Marijuana ScienceCongressman Denny Heck (WA-10) with Representatives Perlmutter (CO-07), Lee (CA-13), and Titus (NV-01) have submitted two amendments to the financial services division to be included in the House appropriations bill. Both of these amendments focus on banking services for legal marijuana-related businesses and would be a temporary fix until the current legislation, the SAFE Banking Act, is passed into law.
The first amendment prohibits any funds in the bill from being used to punish banks for serving marijuana businesses that are legal under state law. The second amendment prohibits the Treasury from altering FinCEN’s guidance to financial institutions on providing banking services to legitimate marijuana businesses. These amendments, if included, would allow for legal marijuana-related business to operate according to state laws and enjoy access to the banking system.
Currently, hundreds of licensed and regulated businesses do not have access to the banking industry and are unable to accept credit cards, deposit revenues, or write checks to meet payroll or pay taxes. This situation is untenable. No industry can operate safely, transparently, or effectively without access to banks or other financial institutions.
Eight states and the District of Columbia have legalized adult use of marijuana and more than half the states have implemented medical marijuana laws, so it is both sensible and necessary to include these proposed amendments so that these growing number of state-compliant businesses, and their consumers, may operate in a manner that is similar to other legal commercial entities.
You can click here to send an email in support of the SAFE Banking Act to your federal elected officials now.
Posted in : ACTIVISM, Advocacy, Business, ECONOMICS, GOVERNMENT, Legalization, Policy
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6 Responses to “Congressman Heck Introduces Marijuana Banking Amendments”
Cat48661 says:
September 2, 2017 at 2:13 pm
Thank you Congressman, for all that you’re trying to do! Whoever actually legalizes marijuana, will be a hero. Millions for states. Thousands of jobs, taxes for infrastructure and so many other things and of course jails will be freed up for real criminals. Opioids and booze are poison. Marijuana is a God given plant that helps millions of people. No addiction. No horrendous side effects, like pain Med’s.
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Templewood says:
September 3, 2017 at 12:32 am
That’s my home representative.. :) Go Denny Go!
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Mark Mitcham says:
September 3, 2017 at 8:26 am
I’m no fan of corporate America; it supports marijuana prohibition politically, and it personally abuses it’s employees with invasive and degrading urinalysis.
Marijuana legalization is a social justice issue. So, business banking practices are a non-issue to me, at best. We need to make a clear distinction between those who seek to make money, and those who seek to legalize marijuana for the good of the people of society.
Yet, I support the amendments; not for the sake of the dispensaries, but for the sake of the medical patients who depend on them. Many of these patients cannot navigate the black market, nor should they be expected to do so.
And, there is something to be said for basic fairness! Why not dispensaries? For as long a period as McDonald’s continues to be legal, dispensaries should have access to the same financial tools as any other business, if only from a public health perspective!
Signed and sent, thank you NORML…
