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Solving the Cash-Only Issue at the Root

Submitted by Marijuana News on Fri, 05/15/2015 - 01:02

Ed Perlmutter, a Democratic congressman who represents a district just to the north and west of Denver, has introduced HR 2076, addressing the federal barriers to banking for state-legal marijuana businesses. Though the text of the bill describes its purpose as the creation of “protections for depository institutions that provide financial services to marijuana-related businesses,” but there is some reason to believe that its approach is far to0 narrow to be effective.

The House referred the bill to the Committee on Financial Services, where Perlmutter serves, and to the Committee on the Judiciary.

 

Paraphrasing the Bill

HR 2076 is somewhat concisely worded, as legislation goes in the 21st century.  Only 8 pages, and the final two consist of definitions of terms.

The gist of it is that a federal banking regulator may not engage in certain punitive behaviors, such as terminating or limiting the deposit insurance of a bank...

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