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More Banking Progress News


https://www.bostonglobe.com/news/marijuana/2019/03/01/barney-frank-joins-local-marijuana-business/hJctVWYVap3iGCRMrsshHJ/story.html

On the national level, Frank is extremely bullish about the prospects of proposed federal marijuana reforms.

Frank said his friend and former colleague Ed Perlmutter, a Democratic congressman from Colorado who sits on the House Financial Services Committee, recently “guaranteed” him that a bill allowing banks to legally service state-regulated marijuana companies would become law this year.

“It’s going to pass the House overwhelmingly,” Frank predicted. “Democrats want it. Banks want it. The Republicans are split. But the main obstacle before was [former Attorney General] Jeff Sessions, who was obstinate on this, and now he’s gone.”

Frank said he was hopeful that even the Republican-controlled Senate would back legislation allowing banks to work with cannabis operators. He noted that two of the body’s most politically-vulnerable members — Republicans Cory Gardner and Susan Collins of Colorado and Maine, respectively — both come from states where the drug has been legalized.

“Cory [Gardner] is going to go to [Senate Majority Leader] Mitch [McConnell] and say, ‘hey, if you want me back in office, we need to pass this bill,’ “ Frank said. “I’m fully convinced it will be legal for banks to take this money by the end of the year.”