IRS could collect taxes from pot firms if they used big banks, Yellen says

Large banks have been lobbying lawmakers to support the SAFE Banking Act

Treasury Secretary Janet Yellen said she supports allowing legal cannabis dispensaries to access the US banking system — where they’re now largely barred — to make it easier for the government to collect tax revenue.

Yellen was asked by Colorado Congressman Ed Perlmutter of the House Financial Services Committee on Wednesday if she thought allowing pot firms to use the US banks would facilitate tax collection by the IRS.

“Yes, of course it would,” the Treasury secretary replied.

Large banks have been lobbying lawmakers to support the Secure and Fair Enforcement Banking Act, or SAFE, which would enable banks to access the burgeoning multi-billion dollar cannabis industry.

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