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U.S. Senators Push Federal Bank Regulators To Clarify Rules For Hemp Businesses:

https://www.marijuanamoment.net/u-s-senators-push-federal-bank-regulators-to-clarify-rules-for-hemp-businesses/

A bipartisan duo of top U.S. senators sent a series of letters to federal financial regulators on Tuesday, imploring them to provide guidance to banks on the laws governing servicing hemp businesses.

Senate Majority Leader Mitch McConnell (R-KY) and Sen. Ron Wyden (D-OR), chief proponents of a hemp legalization provision that was included in the 2018 Farm Bill, sent the requests to the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Federal Reserve System and the Farm Credit Administration (FCA).

“As authors of the Hemp Farming Act, McConnell and Wyden are committed to listening to the concerns of hemp farmers and producers and to urging federal agencies to properly implement the law,” the senators’ offices said in a press release.

The letters all share a section that discusses how the senators’ home states of Kentucky and Oregon have “been on the forefront of hemp production ever since the authorization of industrial hemp pilot programs” in 2014 and how hemp farmers and cultivators are “excited to explore the full economic opportunities for hemp after the passage of the 2018 Farm Bill.”