Marijuana Moment
A Republican lawmaker says he’s hopeful that Congress will be able to get a marijuana banking bill across “the finish line” this session, arguing that the current barriers to financial services for the industry represent a “second tier” of prohibition.
At a hearing before the House Financial Services Committee on Thursday, Rep. Warren Davidson (R-OH) raised the cannabis banking issue as members discussed broader concerns about claims of discriminatory debanking practices within financial institutions.
“Sadly, we’re seeing that happen in other sectors,” the congressman said. “In nearly every state in the country, some form of marijuana is legal, but you see kind of a second tier of back door making it illegal by saying, ‘Oh, you’re not going to bank those people, are you?’”
“So people—whether they’re investors, employees or anything else in a lawful sector—are being debanked,” Davidson said, inquiring with one of the witnesses, Better Markets Director of Banking Policy Shayna Olesiuk, what can be done about the issue.
“I think that we need to focus on, as I said earlier, the risk analysis,” Olesiuk replied. “The regulators need to ensure that there’s a proper risk analysis being done of the risk that’s being taken on, and every lawful business and customer and person is entitled to access to the banking system.”
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