
Ed Perlmutter Talks Safe Banking Act
Colorado Congressman Ed Perlmutter is sponsor of the Safe Banking Act, which would allow marijuana based businesses to use the ban...
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Pot banking reform is urged by attorneys
Washington, D.C.-,
May 27, 2019
Tags:
Jobs & the Economy
Attorneys general from 33 states on Wednesday urged Congress to approve a proposition planned to completely open the doorways of their U.S. banking system to the legal marijuana industry. Americans live in countries where marijuana is available in certain form. But banks do not need anything to do by the cannabis business for fear it may expose them to legal problem from the government, which considers marijuana prohibited. “This is easy: not integrating an $8.3 billion business to our banking system is damaging our public safety and economy,” said California Attorney General Xavier Becerra, whose state is the country’s biggest legal pot shop. The conflict between national and state law has left growers and sellers in the marijuana business in a legal dilemma, shutting them out of financial services that were regular such as opening up a bank account or getting a charge card. In addition, it has forced many businesses to function only in cash — occasionally sums — which makes them ripe targets for crime. The pending bill could enable bud businesses while sheltering financial institutions from prosecution, to access loans, lines of credit and other banking solutions for handling money that is pot-linked. In a letter to legislative leaders, the attorneys general also assert it is tougher for businesses to pay and that under existing legislation, authorities are able to track financial crimes — and for tax reductions to accumulate –. The amount of banks and credit unions is increasing, but they still represent a fraction of their business. One of the bill’s sponsors, Rep. Ed Perlmutter, a Colorado Democrat, said that the endorsement in the state authorities”underscores the need to respect states’ rights to this matter and make our communities safer by permitting the marijuana business and related companies access to the banking system.” Along with California, says signing the letter included attorneys general from Alaska, Arizona, Arkansas, Connecticut, Colorado, Delaware, Hawaii, Illinois, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Nevada, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Utah, Vermont, Virginia, Washington, West Virginia, and Wisconsin. Content originally published by the Rockland Register on May 27, 2019. |
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