State Financial Regulators Tell Congress To Pass Marijuana Banking Protections In Manufacturing Bill
“I further ask for the safe harbor be extended to all financial services”
An organization that represents state financial regulators from across the U.S. is putting pressure on Congress to pass marijuana banking reform as part of a large-scale manufacturing bill that’s currently being finalized in a bicameral conference committee.
The head of the Conference of State Bank Supervisors (CSBS) sent letters to Senate and House leaders, as well as conferees on the America COMPETES Act, on Wednesday, imploring the inclusion of language that would protect banks that work with state-legal cannabis businesses.
“By granting a safe harbor for financial institutions, Congress can bring regulatory clarity to the financial services industry, address public safety concerns and ensure access to financial services for state-compliant marijuana and marijuana-related businesses,” CSBS Acting President James Cooper said.
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