Republican legislators urge key US senator to oppose marijuana banking

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A dozen Republican members of the U.S. House of Representatives are urging U.S. Senate Banking Committee Chair Mike Crapo to oppose legislation that would allow financial institutions to provide banking services to the marijuana industry.

The 12 legislators voted against the so-called SAFE Banking Act last September, though the measure was approved by the full House in an overwhelming 321-103 vote.

The bill would enable financial institutions to serve cannabis-related businesses without fear of federal reprisal.

Crapo, a Republican from Idaho, is considering his own, more restrictive version of the SAFE Banking Act.

The 12 Republicans wrote in a letter to Crapo that they “have reservations with the unprecedented approach of allowing banking access for a Schedule 1 drug, in addition to increasing investment in marijuana enterprises even as they remain federally illegal.”

In January, the four lead sponsors of the successful cannabis banking bill in the House sent their own letter to Crapo asking him to move the issues forward in the Republican-controlled Senate.

That letter was signed by two Democrats and two Republicans.