Senate Banking Committee May Be Headed to Vote on Marijuana Banking
Republicans are exploring a bill that would include provisions supported by both the marijuana and gun industries.
Senate Banking Committee Chairman Mike Crapo (R-Id.) may be getting ready to allow the panel to vote on a marijuana banking bill by the end of the year.
A Crapo aide confirmed Friday that the chairman had told Politico that he was preparing to get a bill ready for committee consideration. However, it remains unclear what form that legislation may take or whether it could be combined with another issue to help gain support.
Supporters of marijuana banking legislation had said they were worried about Senate action, since Crapo has expressed concerns about the measure.
During a hearing earlier this year on marijuana banking, Crapo mentioned legislation that would ensure that a program like the Obama Administration’s Operation Choke Point cannot be duplicated.
That project was intended to hold financial institutions accountable for processing transactions they knew were fraudulent. Critics said that program allowed financial institutions to decide not to do business with controversial companies, such as payday lenders and gun-related firms.
Supporters of House legislation that would provide banks and credit unions with a safe harbor if they choose to provide services to marijuana companies in states where it is legal have mentioned the possibility of combining their legislation with Operation Choke Point legislation.
Presumably such a plan could help gain Republican support for the marijuana legislation, which was approved by the House Financial Services Committee earlier this year.
Crapo last year criticized Citigroup and Bank of America for their decisions to restrict services to the firearms industry.
That issue returned to the spotlight this week, as former Rep. Beto O’Rourke (D-Texas), a candidate for the Democratic nomination for president, called on people to sign a petition asking banks and credit card companies to refuse to provide services for the sale of assault weapons, to stop processing transactions for gun sales online or at gun shows without background checks and to stop doing business with gun or ammunition manufacturers that produce or sell assault weapons.
O’Rourke’s former congressional district includes El Paso, the site of a mass shooting last month.