An amendment by Sen. Jeff Merkley (D-Ore.) could provide the green light for marijuana-related businesses to receive financial services.
The senator attached the amendment to the Comprehensive Addiction and Recovery Act of 2016 (S.524) on March 3. Contained within the amendment – called the Marijuana Businesses Access to Banking Act of 2016 – is language that would provide safe harbor for depository institutions seeking to provide financial services to marijuana-related businesses.
It said, specifically, that federal banking regulators may not limit or terminate deposit insurance or share insurance for an institution that provides financial services to legitimate businesses in states where the activities are legal and the institutions are following a set of regulations.
Additionally, the amendment said neither financial institutions nor their officers may be held liable for providing services to the businesses. Further, it stated financial service providers will not be subject to criminal, civil or administrative forfeiture for having a legal interest in the collateral for a loan made to a marijuana-related business.
Merkley's amendment gained bipartisan support from Senators Rand Paul (R-Ky.), Harry Reid (D-Nev.), Michael Bennet (D-Ore.), Ron Wyden (D-Colo.), Patty Murray (D-Wash.) and Elizabeth Warren (D-Mass.), all of whom cosponsored the measure.
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