September 2, 2017
Congressman Denny Heck (WA-10) with Representatives Perlmutter (CO-07), Lee (CA-13), and Titus (NV-01) have submitted two amendments to the financial services division to be included in the House appropriations bill. Both of these amendments focus on banking services for legal marijuana-related businesses and would be a temporary fix until the current legislation, the SAFE Banking Act, is passed into law.
The first amendment prohibits any funds in the bill from being used to punish banks for serving marijuana businesses that are legal under state law. The second amendment prohibits the Treasury from altering FinCEN’s guidance to financial institutions on providing banking services to legitimate marijuana businesses. These amendments, if included, would allow for legal marijuana-related business to operate according to state laws and enjoy access to the banking system.
Currently, hundreds of licensed and regulated businesses do not have access to the banking industry and are unable to accept credit cards, deposit revenues, or write checks to meet payroll or pay taxes. This situation is untenable. No industry can operate safely, transparently, or effectively without access to banks or other financial institutions.
Eight states and the District of Columbia have legalized adult use of marijuana and more than half the states have implemented medical marijuana laws, so it is both sensible and necessary to include these proposed amendments so that these growing number of state-compliant businesses, and their consumers, may operate in a manner that is similar to other legal commercial entities.