House Committee Approves Marijuana Protections For Banking And D.C.

Marijuana Moment reports

A House subcommittee on Thursday approved a large-scale funding bill that includes provisions protecting banks from being punished for working with marijuana businesses and allowing Washington, D.C. to legalize cannabis sales.

The move by congressional Democrats to let the District of Columbia set its own marijuana policies is in contrast with a budget released last month by President Joe Biden, which proposed continuing the longstanding Republican-led rider that has prevented the city from spending its own money to regulate adult-use cannabis commerce.

The banking-related provision is less far-reaching than more robust standalone bills the House has passed on four occasions, but would still provide some protections to banks that work with state-legal marijuana operators.

Both measures are attached to a bill to fund various federal agencies for Fiscal Year 2022 that was approved by the House Appropriations Financial Services and General Government (FSGG) Subcommittee in a voice vote. The full House Appropriations Committee is scheduled to take up the legislation on Tuesday.

In a press release, the panel called the rider blocking local D.C. marijuana policymaking an “objectionable” measure that “undermine[s] home rule.”

Relevant Text In Press Release & Draft Bill

In addition, the bill removes objectionable policy riders previously carried that undermine home rule in the District of Columbia:

  • Eliminates a ban on the use of local and Federal funds for abortion services;
  • Eliminates a ban on the use of local funds to legalize marijuana;
  • Eliminates a ban on the use of funds for needle exchange programs; and
  • Eliminates a provision appropriating local District funds.

 

Securities and Exchange Commission (SEC) – The bill includes $2 billion, an increase of $73.5 million above the FY 2021 enacted level, for the SEC to monitor the capital and securities markets, ensure full disclosure of appropriate financial information, and combat financial fraud and malpractice. This amount also includes funding for move costs related to the SEC’s Fort Worth regional offices.

BILLS-117-SC-AP-FY2022-FServices-FY22FSGGBill

 

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House Committee Approves Marijuana Protections For Banking And D.C.

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