Republican legislators urge key US senator to oppose marijuana banking

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.

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5 comments on “Republican legislators urge key US senator to oppose marijuana banking

    Is there no end to republican obstruction of the will and well being of the people. The drug companies have paid these shills plenty to be worried and foot drag the right thing.

  2. Barbara Johnston on

    Obviously the AMA and Bio Pharma want to kill the industry because they couldn’t substantiate exorbitant prices like they do for the drugs that kill.

  3. Linda Wiemer on

    Seriously, when are these dinosaurs going to remove cannabis as a Schedule 1 drug!! Do the right thing and let life happen. There is no problem taking the tax money from cannabis, but no concern at all for the well being of patiens and safety of those in the industry.

  4. Elizabeth on

    Don’t they realize that keeping banking away from the industry keeps it as a cash business which makes it very challenging and risky for legitimate companies and helps the black market? Guess these Republican Senate members did not learn Economics101?

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