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House panel approves marijuana banking bill

JacksinPA

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House panel approves marijuana banking bill | TheHill

The House Financial Services Committee on Wednesday approved legislation that would allow banks to work with marijuana businesses that are legal under state law.

The SAFE Banking Act was approved by the committee in a 45-15 vote, sending the bill to the full House.
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The current Federal laws prevent banks & credit card companies from doing business with companies involved in the MJ business. This has created a cash-only business environment that has the potential for criminal activity, like money laundering, theft, armed robbery & tax cheating. This bill looks to be a step in the right direction & could be good for this business area overall.
 
House panel approves marijuana banking bill | TheHill

The House Financial Services Committee on Wednesday approved legislation that would allow banks to work with marijuana businesses that are legal under state law.

The SAFE Banking Act was approved by the committee in a 45-15 vote, sending the bill to the full House.
==========================================
The current Federal laws prevent banks & credit card companies from doing business with companies involved in the MJ business. This has created a cash-only business environment that has the potential for criminal activity, like money laundering, theft, armed robbery & tax cheating. This bill looks to be a step in the right direction & could be good for this business area overall.


This is actually excellent news. I work with financial services organizations (regulations, compliance etc.) and the cannabis lending industry could boom. It's been something that has been widely discussed by state departments of banks, the regulators and advocacy organizations.
 
It's about time. There's no reason to keep going after States that allow MJ. It will help the industry invest and will increase transparency and bookkeeping. I don't know if it will pass the Senate, but it is something that should be done.
 
It's about time. There's no reason to keep going after States that allow MJ. It will help the industry invest and will increase transparency and bookkeeping. I don't know if it will pass the Senate, but it is something that should be done.

Depends on if the bill is to the financial benefit of the people who own Mitch McConnell.
 
Sounds great. I would like to hear some of our more vocal Trump supporters post their opinion on this legislation BEFORE Trump comments or acts on it. I could see Trump going either way on this.
 
Depends on if the bill is to the financial benefit of the people who own Mitch McConnell.

It isn't. I know everything about this bill. McConnell, unless he's a stock holder in one of the non-mutual banks that would do cannabis lending, won't benefit.
 
House panel approves marijuana banking bill | TheHill

The House Financial Services Committee on Wednesday approved legislation that would allow banks to work with marijuana businesses that are legal under state law.

The SAFE Banking Act was approved by the committee in a 45-15 vote, sending the bill to the full House.
==========================================
The current Federal laws prevent banks & credit card companies from doing business with companies involved in the MJ business. This has created a cash-only business environment that has the potential for criminal activity, like money laundering, theft, armed robbery & tax cheating. This bill looks to be a step in the right direction & could be good for this business area overall.

Good, I hope it passes.
 
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