House To Hold Hearing On Challenges In Banking Pot Businesses

WASHINGTON–The new Democratic-controlled House has scheduled its first hearing on the challenges marijuana businesses are facing in opening and maintaining financial accounts.

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Titled, “Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses,” the hearing is scheduled for Feb. 13 before a subcommittee of the House Financial Services Committee.

As has repeatedly reported, the lack of guidance from the federal government—which continues to officially consider cannabis to be illegal—has created significant problems for cannabis businesses in states that have passed laws decriminalizing its sale and usage.

Both credit union trade groups have repeatedly called on both Congress and the administration to take action on the matter.

Rep. Denny Heck (D-WA) and Rep. Ed Perlmutter (D-CO), both of whom hail from states that have legalized pot usage, have both introduced legislation in the past that would protect financial institutions that work with  marijuana businesses, and both called for hearings on the issue. While Republicans controlled the House, no hearings were held.

New House Financial Services Chairman Maxine Waters (D-CA) has said it’s time to address the issue.

Several publications have also said the full committee is also planning to vote on a marijuana banking bill sometime in the coming months.

A list of who will testify at the hearing has not yet been released.


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Copyright Year: 2019
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