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Marijuana Banking Bill approved by the Congressional Committee




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A congressional committee on Thursday voted to pass laws to increase access for marijuana companies to banks.

Tom Sydow

PHOTO: TOM SYDOW

] After several days of ongoing debate and consideration of several amendments, the House Financial Services Committee voted by 45 to 1

5 votes to fully push legislation.

A ground action is not yet planned, but cannabis advocates Reform hopes that this will be the case The Bank's approval of the Banking Act is a sign that Democrats are ready to undertake major reforms of marijuana this year.

The Chairman of the House Rules Committee, James McGovern (D-MA) said in a radio interview on Wednesday that he expected from the Chamber a vote on the legislation prohibiting Federal Marijuana within the Chamber ends a question of "weeks".

"We will lead it to the plenary assembly for voting, which in my opinion will be adopted in an overwhelming voice – Democrats and I think many Republicans," he said. "If we have a strong bipartisan vote, it will increase the pressure on the Senate to do something."

All major party presidential candidates for 2020 now support absolute legalization, as do a majority of their voters, according to polls.

The banking law "addresses an urgent public security concern for legitimate businesses that currently have no recourse but only cash to work with," said Chair Maxine Waters (D-CA) at the start of comitology proceedings on Tuesday started and was broadcast through a second Wednesday meeting on Thursday morning.

"However, I also see this law as part of a holistic approach to the reform of criminal justice for those who have been injured by the criminalization of marijuana offenses, and should by no means be the only bill that makes the House an important issue of reform Cannabis, "she said.

Although some polls show that a small matter While the majority of GOP voters lifted the ban on cannabis, the Republican MP in Congress had prevented marijuana changes in previous years during their House majority even were considered .

Last week, Republicans on the Financial Services Committee called for Waters to delay the vote on banking legislation, writing in a letter dated that they had several "unanswered questions" about the measure. [19659004] "Some on my side support the measure as written, many reject it:" Rep. Patrick McHenry (R-NC), the jury's top Republican, said in his opening speech at the committee meeting, "The most important thing for this committee is that we must proceed with our duty of care in advance It is a massive change in federal policy. "

The vote on GOP objections is a sign that the effective blockade of marijuana on Capitol Hill has been lifted by the new Democratic majority of the Chamber.

Under the Approved Bill Federal Banking Supervisors would not be able to punish financial institutions just because they work with marijuana businesses that are legal under state or local laws or those of an Indian tribe.

Currently, an increasing number of banks are opening up accounts for cannabis companies as state policies change more and more, and many are still reluctant to violate federal anti-money laundering or drug laws. Many marijuana breeders, processors and sellers are forced to run a cash business. only basis that can make them targets for robberies.

The legislation adopted by the Committee, the Secure and Fair Enforcement (SAFE) Banking Act, currently has 152 co-sponsors – more than one One third of the total House is far more supportive than any previous standalone cannabis bill has earned. Twelve Republicans have supported the legislation.

The Financial Services Committee's approval of the SAFE Banking Act is only the third time in history that a separate law on reforming marijuana has approved a congressional committee. Last year, other committees voted to push legislation forward and urged the Department of Veterans Affairs to study medical cannabis and demanded that the Department of Justice should license additional marijuana producers for that Research, but these proposals never made it to the plenary hall of the house.

"It's up to us to address this and not ignore it any longer, I've put this legislation into effect for six years," Rep. Ed Perlmutter (D -CO), the main sponsor of the SAFE Banking Act, said before Poll. "The people of this country have somehow taken it into their own hands, from state to state, to take over the initiative for medical marijuana or for cannabis oil or completely legal."

Committee Act on Amendments

Perlmutter brought an amendment to his own account during the hearing. In addition to clarifying the definition of financial services covered by the law and establishing that the provisions of the Federal Reserve's banks will be protected by the Bank's provisions, the Federal Government would have to investigate diversity and inclusion in the marijuana industry for new entrants – A key concern of legalization advocates is to reverse the damage caused by the drug war, which has been racially disproportionate.

The new language would require US fiscal authorities to publish annual reports that provide information and data on access to financial services to the Internet legal businesses owned by minorities and women in possession of cannabis, and issuing "regulatory or legislative recommendations for expanding access to financial services" for these populations.

In addition, the amended law states that the Government Accountability Office is conducting a study "on barriers to entry, including in the licensing process Access to financial services for potential and existing cannabis-owned minority and women owners, as well as women in possession of cannabis.

During the committee effort, MEP Katie Porter (D-CA) made a separate amendment to extend the protection to so-called "de novo" banks seeking charter or principal accounts from a Federal Reserve bank

Rep. Steve Stivers (R-OH), one of the leading Republican cosponsors of the bill, filed an amendment to extend the protection of legislation to insurance companies passed a vote.

An amendment by Scott Tipton (R-CO) instructs the Government Accountability Office to review earlier reports that banks must submit their marijuana business customers to understand how effectively they identify bad actors can. It was supported by the sponsors of the bill and approved for voting.

Tipton submitted another amendment to ensure that drug cartels and organized crime networks can not benefit from the provisions of the bill, but he pulled them back instead of forcing them to vote.

Rep. Bill Huizenga (R-MI) proposed postponing the effective date of the bill until marijuana was a deterrent to the state, but withdrew the amendment instead of forcing a vote.

Rep. Blaine Luetkemeyer (R-MO) endeavored to add an amendment that adds "legal entities operating under federal law" to those added to the bill. When introducing the measure, he referred to earlier federal investigations by banks that worked with firearms dealers and payday lenders. However, it was found to be non-German.

Rep. Andy Barr (R-KY) filed an amendment that would have delayed the adoption of the law until the Finance Minister confirmed that no financial institution would be more susceptible to illegal financial activity and money laundering and that this would respect his ability to comply with federal regulations. It was defeated in a ballot and then again in a roll call vote with a margin of 33 to 27.

Another Barr amendment would have limited the scope of the law to protect only hemp companies rather than those involved in marijuana. It also lost both a voice and a voice. The latter went back from 42 to 18.

An amendment to John Rose (R-TN) would oblige banks to confirm that they have internal controls to ensure that no money has been deposited in their facilities linked to illegal organizations. It was also rejected vocally, the latter between 33 and 27 counted.

A second Huizenga change would have postponed the decree until the banking supervisors can be approved by the banks. It was rejected with one vote, and an appeal was made, which pronounced 35 against 25 for

. Rep. Sean Duffy (R-WI) proposed an amendment to remove the protection of the bill from banks, the marijuana companies within 1,000 feet of schools, youth centers, public parks, childcare facilities, public housing, civic centers or designated drug-free zones accommodate. It was rejected by ballot and then by roll call vote with a margin of 34 to 26.

During the broader debate on the bill, Representative Denny Heck (D-WA), who along with Perlmutter is a leading sponsor of the proposal, spoke about a security guard from Colorado marijuana hospitals, during an attempted robbery was killed, as an example of how public security affects the blocking of bank access. He added that allowing cannabis operators to save their profits in regulated financial institutions "improves the monitoring and understanding of marijuana trades."

Banks are only the first step in the marijuana reform of the Confederation

Banking legislation was the subject of a lengthy committee hearing last month, which is seen by advocates as just the first step in an ambitious cannabis reform agenda, which is the Democratic House should happen this year. Several far-reaching legislative proposals to change the legal status of marijuana so that states can implement their own policies without the threat of state interference mean that no hearings are yet scheduled. Other pending proposals aim to address the medical cannabis access of military veterans, the removal of roadblocks for research, and the tax rates for marijuana companies.

"Congress must believe that all these efforts will take a long time – and I will make sure that is the case [the banking bill] concludes that the House does not pursue a" one and done "approach but that we, in particular with our colleagues in the Judiciary Committee, will be fully engaged in a series of marijuana-related reforms, "Waters, the Financial Services Chairman of the Committee, said before the vote.

Rep. Nydia Velazquez (D-NY) said at the Wednesday meeting that she would look for ways to expand the lending options for marijuana companies, especially women and minorities, in their role as chair of the House Small Business Committee.

Late Last year, MP Earl Blumenauer (D-OR) wrote a "blueprint" note describing a step-by-step process that could allow Democratic leaders to marijuana from State to be legalized in late 2019. The existence of a bank account is a key component of its plan.

"This is a historic and critical step for the burgeoning cannabis industry Nation. Legislators seem to recognize the urgency and impact on public safety that will ensure that cannabis companies have access to banking services, "said Steve Hawkins, managing director of the Marijuana Policy Project, in a press release. Regardless of where members rely on legalization, they can agree. It is in the public interest to provide cannabis companies in states where it is legal to provide banking services. "

Justin Strekal, NORML Director, also praised the committee's action.

" This is a positive step to tackling an unsustainable tension between legitimate cannabis marketplaces and the federal ban on marijuana, "he said. The banking question is ultimately just a symptom of the toxic and cruel policy of criminalizing the state of marijuana.To truly overshadow the vibrant marijuana economy, Congress must take action to end the ban on federalism and discriminate against this failed policy . "

Sens. Jeff Merkley (D-OR) and Cory Gardner (R-CO) is expected to file a companion bill on access to financial services for marijuana companies in the Senate shortly. An earlier bill during the last Congress brought 20 co-sponsors into the chamber, but did not receive a hearing or vote.

"

A congressional committee voted on Thursday to pass laws aimed at improving the access of marijuana companies to banks.

Tom Sydow

PHOTO: TOM SYDOW

After several days of After long debate and consideration of several amendments, the House Financial Services Committee voted by 45 to 15 to introduce the legislation to the entire panel.

A ground action is not yet planned, but followers of the cannabis reform hope the committee will approve Val Bill is a sign that Democrats are ready to push ahead with major marijuana reforms this year.

Indeed, House Rules Committee chair James McGovern (D-MA) said in a radio interview on Wednesday that he awaited the Chamber with [19459013 vote on laws to end the federal marijuana ban within weeks. [19659004] "We will put it to the vote in the House, which in my opinion will be passed by a vote overwhelming vote – Democrats and I also think many Republicans," he said. "If we have a strong bipartisan vote, the pressure on the Senate to do something will increase."

All major party presidential candidates for 2020 now support absolute legalization, as do a majority of their voters, according to polls.

The banking law "addresses an urgent public security concern for legitimate businesses that currently have no recourse but only cash to work with," said Chair Maxine Waters (D-CA) at the start of comitology proceedings on Tuesday started and was broadcast through a second Wednesday meeting on Thursday morning.

"However, I also see this law as part of a holistic approach to the reform of criminal justice for those who have been injured by the criminalization of marijuana offenses, and should by no means be the only bill that makes the House an important issue of reform Cannabis, "she said.

Although some polls show that a small matter While the majority of GOP voters lifted the ban on cannabis, the Republican MP in Congress had prevented marijuana changes in previous years during their House majority even were considered .

Last week, Republicans on the Financial Services Committee called for Waters to delay the vote on banking legislation, writing in a letter dated that they had several "unanswered questions" about the measure. [19659004] "Some on my side support the measure as written, many reject it:" Rep. Patrick McHenry (R-NC), the jury's top Republican, said in his opening speech at the committee meeting, "The most important thing for this committee is that we must proceed with our duty of care in advance It is a massive change in federal policy. "

The vote on GOP objections is a sign that the effective blockade of marijuana on Capitol Hill has been lifted by the new Democratic majority of the Chamber.

Under the Approved Bill Federal Banking Supervisors would not be able to punish financial institutions just because they work with marijuana businesses that are legal under state or local laws or those of an Indian tribe.

Currently, an increasing number of banks are opening up accounts for cannabis companies as state policies change more and more, and many are still reluctant to violate federal anti-money laundering or drug laws. Many marijuana breeders, processors and sellers are forced to run a cash business. only basis that can make them targets for robberies.

The legislation adopted by the Committee, the Secure and Fair Enforcement (SAFE) Banking Act, currently has 152 co-sponsors – more than one One third of the total House is far more supportive than any previous standalone cannabis bill has earned. Twelve Republicans have supported the legislation.

The Financial Services Committee's approval of the SAFE Banking Act is only the third time in history that a separate law on reforming marijuana has approved a congressional committee. Last year, other committees voted to push legislation forward and urged the Department of Veterans Affairs to study medical cannabis and demanded that the Department of Justice should license additional marijuana producers for that Research, but these proposals never made it to the plenary hall of the house.

"It's up to us to address this and not ignore it any longer, I've put this legislation into effect for six years," Rep. Ed Perlmutter (D -CO), the main sponsor of the SAFE Banking Act, said before Poll. "The people of this country have somehow taken it into their own hands, from state to state, to take over the initiative for medical marijuana or for cannabis oil or completely legal."

Committee Act on Amendments

Perlmutter brought an amendment to his own account during the hearing. In addition to clarifying the definition of financial services covered by the law and establishing that the provisions of the Federal Reserve's banks will be protected by the Bank's provisions, the Federal Government would have to investigate diversity and inclusion in the marijuana industry for new entrants – A key concern of legalization advocates is to reverse the damage caused by the drug war, which has been racially disproportionate.

The new language would require US fiscal authorities to publish annual reports that provide information and data on access to financial services to the Internet legal businesses owned by minorities and women in possession of cannabis, and issuing "regulatory or legislative recommendations for expanding access to financial services" for these populations.

In addition, the amended law states that the Government Accountability Office is conducting a study "on barriers to entry, including in the licensing process Access to financial services for potential and existing cannabis-owned minority and women owners, as well as women in possession of cannabis.

During the committee effort, MEP Katie Porter (D-CA) made a separate amendment to extend the protection to so-called "de novo" banks seeking charter or principal accounts from a Federal Reserve bank

Rep. Steve Stivers (R-OH), one of the leading Republican cosponsors of the bill, filed an amendment to extend the protection of legislation to insurance companies passed a vote.

An amendment by Scott Tipton (R-CO) instructs the Government Accountability Office to review earlier reports that banks must submit their marijuana business customers to understand how effectively they identify bad actors can. It was supported by the sponsors of the bill and approved for voting.

Tipton submitted another amendment to ensure that drug cartels and organized crime networks can not benefit from the provisions of the bill, but he pulled them back instead of forcing them to vote.

Rep. Bill Huizenga (R-MI) proposed postponing the effective date of the bill until marijuana was a deterrent to the state, but withdrew the amendment instead of forcing a vote.

Rep. Blaine Luetkemeyer (R-MO) endeavored to add an amendment that adds "legal entities operating under federal law" to those added to the bill. When introducing the measure, he referred to earlier federal investigations by banks that worked with firearms dealers and payday lenders. However, it was found to be non-German.

Rep. Andy Barr (R-KY) filed an amendment that would have delayed the adoption of the law until the Finance Minister confirmed that no financial institution would be more susceptible to illegal financial activity and money laundering and that this would respect his ability to comply with federal regulations. It was defeated in a ballot and then again in a roll call vote with a margin of 33 to 27.

Another Barr amendment would have limited the scope of the law to protect only hemp companies rather than those involved in marijuana. It also lost both a voice and a voice. The latter went back from 42 to 18.

An amendment to John Rose (R-TN) would oblige banks to confirm that they have internal controls to ensure that no money has been deposited in their facilities linked to illegal organizations. It was also rejected vocally, the latter between 33 and 27 counted.

A second Huizenga change would have postponed the decree until the banking supervisors can be approved by the banks. It was rejected with one vote, and an appeal was made, which pronounced 35 against 25 for

. Rep. Sean Duffy (R-WI) proposed an amendment to remove the protection of the bill from banks, the marijuana companies within 1,000 feet of schools, youth centers, public parks, childcare facilities, public housing, civic centers or designated drug-free zones accommodate. It was rejected by ballot and then in an appeal with 34 to 26 votes.

During the broader debate on the bill, MP Denny Heck (D-WA) along with Perlmutter is a leading sponsor of the proposal. He talked about a Colorado guard who had been killed during an attempted robbery as an example of the public security risks caused by the bankruptcy of the bank. He added that allowing cannabis operators to save their profits in regulated financial institutions "improves the monitoring and understanding of marijuana trades."

Banks are only the first step in the marijuana reform of the Confederation

Banking legislation was the subject of a lengthy committee hearing last month, which is seen by advocates as just the first step in an ambitious cannabis reform agenda, which is the Democratic House should happen this year. Several far-reaching legislative proposals to change the legal status of marijuana so that states can implement their own policies without the threat of state interference mean that no hearings are yet scheduled. Other pending proposals aim to address the medical cannabis access of military veterans, the removal of roadblocks for research, and the tax rates for marijuana companies.

"Der Kongress muss der Ansicht sein, dass all diese Bemühungen lange dauern werden – und ich werde dafür sorgen, dass dies der Fall ist [the banking bill] kommt zu dem Schluss, dass das Haus keinen "one and done" -Ansatz verfolgt, sondern dass wir, insbesondere mit unseren Kollegen im Justizausschuss, umfassend an einer Reihe von Reformen im Zusammenhang mit Marihuana arbeiten werden, "Waters, the Financial Services Vorsitzender des Ausschusses, sagte vor der Abstimmung.

Rep. Nydia Velazquez (D-NY) sagte auf der Mittwochstagung, sie werde nach Wegen suchen, um die Kreditmöglichkeiten für Marihuana-Unternehmen, insbesondere von Frauen und Minderheiten, in ihrer Rolle als Vorsitzende des House Small Business Committee zu erweitern.

Late Im vergangenen Jahr verfasste der Abgeordnete Earl Blumenauer (D-OR) eine "Blaupause" -Notiz, in der ein schrittweiser Prozess beschrieben wird, den demokratische Führer in die Lage versetzen könnten, um Marihuana vom Bundesstaat legalisieren zu lassen Ende 2019. Das Bestehen einer Bankrechnung ist ein Schlüsselbestandteil seines Plans.

„Dies ist ein historischer und kritischer Schritt für die aufkeimende Cannabis-Industrie der Nation. Der Gesetzgeber scheint die Dringlichkeit und die Auswirkungen auf die öffentliche Sicherheit anzuerkennen, die sicherstellen, dass Cannabisunternehmen Zugang zu Bankdienstleistungen erhalten können ", sagte Steve Hawkins, Geschäftsführer des Marijuana Policy Project, in einer Pressemitteilung." Unabhängig davon, wo sich die Mitglieder auf die Legalisierung stützen, können sie dem zustimmen Es ist im öffentlichen Interesse, Cannabisunternehmen in Staaten, in denen es legal ist, Bankgeschäfte zur Verfügung zu stellen. "

Justin Strekal, NORML-Direktor, lobte auch die Aktion des Ausschusses.

" Dies ist ein positiver Schritt, um eine unhaltbare Spannung anzugehen zwischen staatlich legalen Cannabis-Marktplätzen und dem Bundesverbot von Marihuana ", sagte er. „Die Bankenfrage ist letztlich nur ein Symptom der giftigen und grausamen Politik der Kriminalisierung von Bundesstaat Marihuana. Um die lebendige Marihuana-Wirtschaft wirklich aus den Schatten zu bringen, muss der Kongress Maßnahmen ergreifen, um das Verbot des Bundes und die Diskriminierung dieser gescheiterten Politik zu beenden. "

Sens. Jeff Merkley (D-OR) und Cory Es wird erwartet, dass Gardner (R-CO) in Kürze im Senat Begleitgesetz über den Zugang zu Finanzdienstleistungen für Marihuana-Unternehmen einreicht. Eine frühere Gesetzesvorlage während des letzten Kongresses brachte 20 Co-Sponsoren in die Kammer, erhielt jedoch weder eine Anhörung noch eine Abstimmung.
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