House Republicans remove cannabis banking protection text from annual financial services and general government bill

The Hill

House Republicans nixed text aimed at protecting banks from cannabis crackdowns from a government funding bill after blowback from fellow GOP lawmakers.

The measure was included in the party’s initial version of its annual financial services and general government bill, one of the 12 annual funding bills Republicans are hoping to pass before fall. The bill covers full-year funding for the Treasury Department and federal payments for the District of Columbia and Securities and Exchange Commission, among other offices.

The provision would have blocked funding from being used to “penalize a financial institution solely because the institution provides financial services” to entities — like manufactures and producers — that participate in business legally involved in handling hemp and marijuana products.

But the language was stripped after Rep. David Joyce (R-Ohio), chair of the subcommittee that crafts the funding bill, noted that some of his colleagues had “taken issue” with the legislation.

“With over 40 states enacting some degree of cannabis reform, it is past time that the federal government respect the will of these states. This issue is especially pertinent as cannabis regulations have been proven to increase public safety and quality of life for Americans,” Joyce said.

“My Financial Services and General Government bill included provisions to do just that and ensure states’ rights to make the best choices for their unique constituencies are protected.”

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