Please ensure Javascript is enabled for purposes of website accessibility

West Bank Town Becomes ‘Big Prison’ as Israel Fences It In

2 days ago

Trump Says He’s Willing to Let Migrant Farm Laborers Stay in US

2 days ago

US Electric Vehicle Tax Breaks Will Expire on Sept. 30

2 days ago

Eyeing Arctic Dominance, Trump Bill Earmarks $8.6 Billion for US Coast Guard Icebreakers

2 days ago

Trump’s Sweeping Tax-Cut and Spending Bill Wins Congressional Approval

3 days ago

Americans Celebrate Their Independence With Record-Breaking Travel Numbers

3 days ago

US Supreme Court to Decide Legality of Transgender School Sports Bans

3 days ago

Nvidia Set to Become the World’s Most Valuable Company in History

3 days ago

Poll: 41% in US ‘Extremely Proud’ to Be American, Near Historic Low

3 days ago
Congress Urged to Fully Open Banks to Marijuana Industry
gvw_ap_news
By Associated Press
Published 6 years ago on
February 14, 2019

Share

LOS ANGELES — Bank officials and others urged Congress on Wednesday to fully open the doors of the U.S. banking system to the legal marijuana industry, a change that supporters say would reduce crime risks and resolve a litany of challenges for cannabis companies, from paying taxes to getting a loan.
Most Americans live in states where marijuana is legally available in some form. But there’s a problem when it comes to banks: Most don’t want anything to do with money from the cannabis industry for fear it could expose them to legal trouble from the federal government, which still considers marijuana illegal.
That conflict has left many growers and sellers in the burgeoning pot industry in a legal dilemma, shutting them out of everyday financial services like opening a bank account or obtaining a credit card. It also has forced many businesses to operate only in cash — sometimes vast amounts — making them ripe targets for crime.
Banking, government and industry representatives at a House committee hearing in Washington urged lawmakers to pass a proposal that would allow pot businesses to access loans, lines of credit and other banking services, while sheltering financial institutions from prosecution for handling pot-linked money.
California Treasurer Fiona Ma, whose state is home to the nation’s largest legal pot market, called the measure a critical step for the rapidly expanding industry.
Gregory S. Deckard, who spoke on behalf of the Independent Community Bankers of America, said the cloud of legal uncertainty was inhibiting access to banks while creating safety hazards for businesses.

Legalization Advocates Have Reason to Celebrate

The proposal, he said, “would offer the needed clarity” for more financial institutions to welcome the marijuana industry as customers.
But others had concerns.

“Lawmakers are not being asked to weigh in on whether marijuana should be legal or not. They are simply looking at whether banking services should be available to these businesses in states where it is already legal.” — Mason Tvert of the Marijuana Policy Project
Republican Rep. Blaine Luetkemeyer of Missouri said the proposal would create confusion while marijuana remains illegal at the federal level. He questioned how banks would identify criminal operators and pointed to how Congress handled hemp, the low-THC cousin of the cannabis plant, which was removed from the list of federally controlled substances.
With the banking legislation, “we are putting the cart before the horse,” he said.
Legalization advocates have reason to celebrate that the hearing simply took place before the Consumer Protection and Financial Institutions Subcommittee. The proposal, or similar versions, have languished for years.
“Lawmakers are not being asked to weigh in on whether marijuana should be legal or not. They are simply looking at whether banking services should be available to these businesses in states where it is already legal,” said Mason Tvert of the Marijuana Policy Project, an advocacy group.
The number of banks and credit unions willing to handle pot money is growing, but they still represent only a tiny fraction of the industry.
The hearing came just days after Oregon Sen. Ron Wyden proposed legislation that would give states a free hand to allow legal cannabis markets without the threat of federal criminal intervention. The proposal would take marijuana off the federal controlled substances list and remove federal criminal penalties for individuals and businesses acting in compliance with state marijuana laws. An identical proposal is pending in the House.

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

How Trump’s ‘Big, Beautiful Bill’ Will Make China Great Again

DON'T MISS

What’s Caitlin Clark Worth to the WNBA? A Lot More Than Her $78,066 Salary.

DON'T MISS

Trump to Sign Tax-Cut and Spending Bill in July 4 Ceremony

DON'T MISS

Madre Fire Spurs Evacuations Across 3 Counties, Grows to More Than 70,000 Acres

DON'T MISS

Clovis, Sanger, Madera, and Bass Lake Will Light the Sky With Fireworks Shows Tonight

DON'T MISS

Oil Dips Ahead of Expected OPEC+ Output Increase

DON'T MISS

613 Killed at Gaza Aid Distribution Sites, Near Humanitarian Covoys, Says UN

DON'T MISS

Fresno County Authorities Investigating Suspicious Death of Transient Man

DON'T MISS

West Bank Town Becomes ‘Big Prison’ as Israel Fences It In

DON'T MISS

Israeli Military Kills 20 in Gaza as Trump Awaits Hamas Reply to Truce Proposal

UP NEXT

Fresno Crash Involving Unlicensed Teen Driver Sends Woman to Hospital

UP NEXT

Madre Fire Burns More Than 52,000 Acres in San Luis Obispo County

UP NEXT

Americans Celebrate Their Independence With Record-Breaking Travel Numbers

UP NEXT

San Luis Obispo’s Madre Fire Grows to 35,000 Acres, More Evacuations Ordered

UP NEXT

Poll: 41% in US ‘Extremely Proud’ to Be American, Near Historic Low

UP NEXT

Poorest Americans Dealt Biggest Blow Under Senate Republican Tax Package

UP NEXT

CHP Officer Dies in Line of Duty After Medical Emergency While on Patrol

UP NEXT

Downtown Housing Could Rise in Many California Cities, but Barriers Remain

UP NEXT

Poll: Most Americans Say National Divide, Political Violence Threaten Democracy

UP NEXT

Trump Pulls Back 150 Guard Troops From Federal Duties in California

Madre Fire Spurs Evacuations Across 3 Counties, Grows to More Than 70,000 Acres

2 days ago

Clovis, Sanger, Madera, and Bass Lake Will Light the Sky With Fireworks Shows Tonight

2 days ago

Oil Dips Ahead of Expected OPEC+ Output Increase

2 days ago

613 Killed at Gaza Aid Distribution Sites, Near Humanitarian Covoys, Says UN

2 days ago

Fresno County Authorities Investigating Suspicious Death of Transient Man

2 days ago

West Bank Town Becomes ‘Big Prison’ as Israel Fences It In

2 days ago

Israeli Military Kills 20 in Gaza as Trump Awaits Hamas Reply to Truce Proposal

2 days ago

Valley Crime Stoppers’ Most Wanted Person of the Day: Rachelle Maria Blanco

2 days ago

Russia Pounds Kyiv With Largest Drone Attack, Hours After Trump-Putin Call

2 days ago

Boxer Chavez Jr Expected to Be Deported to Mexico to Serve Sentence, Mexican President Says

2 days ago

How Trump’s ‘Big, Beautiful Bill’ Will Make China Great Again

Can you hear it — that loud roar coming from the East? It’s the sound of 1.4 billion Chinese laughing at us. Thomas L. Friedman The New Yo...

18 hours ago

Solar Farm in Riesel, Texas
18 hours ago

How Trump’s ‘Big, Beautiful Bill’ Will Make China Great Again

Caitlin Clark Signs T-Shirt
18 hours ago

What’s Caitlin Clark Worth to the WNBA? A Lot More Than Her $78,066 Salary.

President Donald Trump speaks during a press conference in the Roosevelt Room at the White House in Washington, D.C., U.S., May 12, 2025. (Reuters File)
2 days ago

Trump to Sign Tax-Cut and Spending Bill in July 4 Ceremony

The Madre Fire burning near New Cuyama has scorched 70,801 acres as of Friday, July 4, 2025, afternoon, making it California’s largest wildfire of the year, with only 10% containment and multiple evacuation zones in place. (CalFire)
2 days ago

Madre Fire Spurs Evacuations Across 3 Counties, Grows to More Than 70,000 Acres

2 days ago

Clovis, Sanger, Madera, and Bass Lake Will Light the Sky With Fireworks Shows Tonight

A pumpjack operates at the Vermilion Energy site in Trigueres, France, June 14, 2024. (Reuters File)
2 days ago

Oil Dips Ahead of Expected OPEC+ Output Increase

Palestinians gather to collect what remains of relief supplies from the distribution center of the U.S.-backed Gaza Humanitarian Foundation, in Rafah, in the southern Gaza Strip, June 5, 2025. (Reuters File)
2 days ago

613 Killed at Gaza Aid Distribution Sites, Near Humanitarian Covoys, Says UN

Billy Wayne Sinisgalli, a 54-year-old transient known locally as Wayne, was found dead along a rural Fresno road Wednesday in what authorities are investigating as a suspicious death. (Fresno County SO)
2 days ago

Fresno County Authorities Investigating Suspicious Death of Transient Man

Help continue the work that gets you the news that matters most.

Search

Send this to a friend