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Colorado lawmaker reintroduces marijuana banking bill in Congress

Submitted by Marijuana News on Fri, 05/01/2015 - 08:00

Lawmakers in Washington D.C. want marijuana-related business to have legitimate bank accounts and end cash-only businesses where they have to stuff earnings in their mattresses.

Today, U.S. Reps. Perlmutter, D-Colorado, and Denny Heck, D-Washington, along with a bipartisan group of 16 other Republicans and Democrats, re-introduced H.R. 2076, the Marijuana Business Access to Banking Act of 2015. They said it's an effort to resolve the banking crisis marijuana-related businesses are facing.

Banks have refused the accounts of marijuana-related business over fear of being accused of money laundering and drug trafficking. The federal government does not recognize state's authority to allow marijuana businesses and considers these businesses illegal.

The Federal Deposit Insurance Corp., for example, is one of three banking regulators that has not issued specific guidance for banks on doing business with the marijuana industry. However, federal law requires banks to report suspicious activity.

Updating federal banking laws and...

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Colorado
Washington D.C.

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URL: 
http://www.bizjournals.com/denver/blog/finance_etc/2015/04/marijuana-banking-bill-reintroduced-in-congress.html

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