Five lawmakers from three states lit up the U.S. Senate in Washington today by introducing the first-ever marijuana banking bill.
The bipartisan bill would give state-compliant cannabis businesses access to the banking system by protecting financial institutions against prosecution or asset forfeiture for providing services to those businesses.
The Marijuana Business Access to Banking Act of 2015 was introduced by Sen. Jeff Merkley (D-Ore.) who was joined on the bill by Senators Ron Wyden (D-Ore.), Cory Gardner (R-Colo.), Michael Bennet (D-Colo.) and Rand Paul (R-Ky.) Similar legislation has been proposed in the House in recent years, but this is the first piece of stand-alone marijuana banking access legislation to be introduced in the Senate.
"The legal marijuana industry is worth nearly $3 billion nationwide. We shouldn't be forced to carry that around in duffel bags," Aaron Smith, executive director of the National Cannabis Industry Association, said. "Without banks, many of our members are forced to operate entirely in cash, which puts their employees at risk for crime and creates massive challenges for businesses simply trying to pay their taxes, licensing fees and other ordinary expenses."
The bill would prevent federal banking regulators from several previous restrictions, including prohibiting, penalizing or discouraging a bank from providing financial services to a legitimate, state sanctioned and regulated marijuana business, and disallow them from terminating or limiting a bank's federal deposit insurance solely because the bank is providing services to such a business.
In addition, federal regulators would not be allowed to recommend or incentivize a bank to halt or downgrade banking services to these businesses, or take any action on a loan to an owner or operator of a marijuana-related business.
The bill also creates a safe harbor from criminal prosecution and liability, as well as asset forfeiture for banks and their officers, and employees who provide financial services to legitimate, state sanctioned marijuana businesses while maintaining banks' right to choose not to offer those services.
The bill would also require banks to comply with current Financial Crimes Enforcement Network guidance, while at the same time allowing FinCEN guidance to be streamlined over time as states and the federal government adapt to legalized medicinal and recreational marijuana policies.
"Forcing businessmen and businesswomen who are operating legally under Oregon state law to shuttle around gym bags full of cash is an invitation to crime and malfeasance. That must end," Merkley said. "It's time to let banks serve these legal businesses without fearing devastating reprisals from the federal government."
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