Big need for marijuana banking, yet Congress has ‘no appetite’ to fix issue
Supporters of federal legislation to give financial institutions a green light to deal with marijuana business say momentum is on their side as more states legalize the drug
The Denver Post (US)
Friday, April 3, 2015
Friday, April 3, 2015
Congress doesn’t have the appetite to deal with the conflict between federal and state laws that has caused a banking crisis for the burgeoning marijuana industry in Colorado and other states, according to a member of a House committee that would take up the debate. Despite repeated calls for Congress to address federal rules that restrict banks from openly working with the marijuana industry — the drug is illegal under federal law — U.S. Rep. Scott Tipton, R-Cortez, said he sees little resolve in Washington, D.C., to take it on. It’s also unlikely the Federal Reserve will act anytime soon on marijuana-only Fourth Corner Credit Union’s request for direct access to the nation’s banking system.
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