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Published on May 7th, 2015 | by News Feed

Reintroduction Of Marijuana Banking Bill

Marijuana has continued to make headway in the United States. Over the years the populace has shifted its position regarding weed and today, we see a whole new world of acceptance. While previous generations have viewed marijuana as a gateway to hardcore drug use, the reality of science and research has shown that this is not the case at all. Because of this, the country is changing and the lawmakers are also changing the laws. This is why a reintroduction of a marijuana banking bill is long overdue.

Over half the states in the country have legalized or at least decriminalized some form of marijuana. Several have even taken the most liberty-loving step and offered to legalize recreational use of the plant. In the states that allow recreational use, the companies that sell the pot are in need of a bank that will work with them. Because the federal law is so restrictive and unclear, many banks refuse to work with dispensaries and any other pot producing/selling organization. The bill being introduced is authored by Rep. Ed Perlmutter and is being co sponsored by Denny Heck, (D-WA).

Reports from around the country are saying that H.R. 2076 or “The Marijuana Business Access to Banking Act of 2015” was crafted “to create protections for depository institutions that provide financial services to marijuana-related businesses.”

The country needs this type of reform because the current banking laws and regulations make it almost impossible for dispensaries to make any money, get a loan, or to even make deposits. Several key aspects need to be understood here. The current laws make it likely that the federal regulating board could strip a bank of their FDIC protection if they work with marijuana firms. The current laws also make it legal and likely that the loans can be downgraded. The Obama administration has made attempts to change the language but little has been followed through on.

By allowing this law to be instituted the problems could become a thing of the past. Not only will the legislation help the local economies to boom once again, but it could also lead to a more robust national economy. Why would we not allow this type of legislation to enter the world?

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