Federal Reserve Chairman Jerome Powell said before the U.S. Senate Tuesday that conflicting federal and state laws on the sale of marijuana and other cannabis products put bank supervisors in a “very difficult place.”
Asked by Sen. Robert Menendez, D-N.J., about the Fed’s thoughts on the cannabis space, the leader of the U.S. central bank said further regulatory guidance would be helpful for bank overseers.
“I think it would be great to have clarity,” Powell said from Capitol Hill. “It puts financial institutions in a very difficult place and puts the supervisors in a difficult place, too. It would be nice to have clarity on that supervisory relationship.”
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