Spokesman Ed Perlmutter (D-CO), the sponsor of the bill, raised the issue with Finance Minister Janet Yellen during a parliamentary Finance Committee hearing Wednesday. She spoke in support of the US Alliance, but said that maintaining some independence was not the answer. Glenn did not mince words. “We have been talking about this for a long time and I agree with you: it is an important issue — and it is extremely frustrating that we have not been able to resolve it,” he said, adding that he appreciated the MP leadership. “We worked with you on this bill,” he said. “We support it.” “As you know, there is a conflict between the state and national law. Banks trapped in the middle of it. “And a legislative solution, I think, is needed to move that forward,” Yellen said. “I share your frustration that we have not been able to make progress. “I think it really requires congressional action.” The SAFE Banking Act has been passed by Parliament six times in some form, but remains a stalemate in the Senate under the control of both Democrats and Republicans. I appreciate @SecYellen’s support for #SAFEBanking during today’s @FSDems hearing. People are still being killed and robbed, and Congress has a responsibility to solve this problem. 📺 Watch my full conversation with Sec. Yellen HERE ➡ – Rep. Ed Perlmutter (@RepPerlmutter) April 6, 2022 While the bill will help address some of the financial challenges facing state-sanctioned cannabis companies under the federal ban, Perlmutter and government officials have stressed that this is a public safety issue that requires urgent action, especially in the wake of recent crime increases. cash intensity. The MP asked Yellen to “impress the administration with the need” to pass the reform legislation either as part of the America CompETES Act – large-scale production and innovation legislation annexed to Parliament and now pending be considered by a bilateral congressional committee — or as an autonomous bill “so that no one else dies because there is so much cash” in the state markets. “We would like to see this happen,” Yellen replied. —Marijuana Moment is already monitoring more than 1,000 cannabis, psychedelic and drug policies in the state legislatures and in Congress this year. Patreon sponsors who promise at least $ 25 / month have access to our interactive maps, charts and listening diary so they don’t miss a beat. Learn more about the Marijuana Account Tracker and become a Patreon supporter for access.— Washington State Treasurer Mike Pellicciotti (D) was particularly vocal about the need for congressional reform and wrote in a recent letter to his colleagues that “it is simply not safe to have this financial volume in cash.” Pellicciotti made similar comments at a recent conference of the National Union of State Funds (NAST). And Colorado Treasurer Dave Young echoed that sentiment in a recent interview with Marijuana Moment. Meanwhile, a Pennsylvania Senate committee passed a bipartisan bill late last month to protect banks and insurers from being punished by state regulators for collaborating with state-owned medical marijuana companies as congressional reform continues. to delay. Perlmutter, for his part, reiterated his commitment to do something before retiring at the end of this session. He even spoke about the adoption of the reform legislation during the hearings of the committee for seemingly irrelevant or broader legislation, as in a recent hearing of the Parliamentary Committee on Rules of Procedure. At a recent event hosted by the American Bankers Association (ABA), the lawmaker said he would “continue to be a real parasite and insist on doing so” before leaving Congress. After the bipartisan vote on the banking bill by Parliament, Perlmutter said he waited naively “to go through the Senate, which is always a bad thing, because nothing goes through the Senate.” But it has made efforts to build support, including the current Senate leadership, which has insisted on enacting full-fledged legalization of fixed-income provisions before launching an industry-friendly bill. Although he recently said he was “confident” that the Senate would consider his bill at this session, the MP acknowledged that while he supports reviews related to criminal justice reform, taxation, research and other issues, he knows that “As we expand this thing, then we start losing votes, especially Republican votes, and we have enough votes in the Senate to do it,” he said. In the run-up to the ABA event last month, the financial group released a poll it ordered showing that the vast majority of Americans support liberalizing banks to work with marijuana companies without facing federal sanctions. Meanwhile, the number of banks reporting cooperating with marijuana companies has risen again near the end of 2021, according to recently released federal data. It is unclear whether the increase is related to congressional moves to pass a bipartisan cannabis banking reform bill, but figures from the Financial Crimes Enforcement Network (FinCEN) indicate that financial institutions continue to feel more comfortable. companies in the state legal markets. Some Republicans are wondering how Democrats have so far failed to pass moderate banking reform with a majority in both houses and control of the White House as well. For example, spokesman Rand Paul (R-KY) criticized his Democratic counterpart on the issue in December. Meanwhile, Federal Financial Regulator Rodney Hood – a board member and former chairman of the Federal National Credit Union (NCUA) – recently said that legalizing marijuana is not a “if” but a “when” issue. how to deal with the federal state conflict that has left many banks reluctant to work with cannabis companies. The DEA says marijuana seeds are considered legal cannabis as long as they do not exceed the THC limit Marijuana Moment is made possible by the support of readers. If you rely on our cannabis defense journalism to stay informed, consider a monthly Patreon promise.
