WASHINGTON—Tucked inside a bill credit unions have been working hard to get passed, S 2155, is an amendment that could remove roadblocks in the way of legitimate marijuana businesses accessing the banking system.
Forbes reported that Oregon Democrat Jeff Merkley introduced Senate Amendment 2107 as part of S 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act.
Merkley’s amendment would restrict federal regulators from “prohibiting, penalizing, or otherwise discouraging a depository institution from providing financial services to a cannabis-related legitimate business,” Forbes reported.
Oregon’s voters have legalized use of marijuana.
Because cannabis is still considered a Schedule I narcotic by the federal government, financial institutions that rely on federal insurance have for years denied accounts to state-legal pot businesses, forcing them to turn to cash.
Only days after Merkley’s amendment was introduced, the legislation already has nine co-sponsors from both sides of the aisle, including Rand Paul (R-KY), Bernie Sanders (I-VT), Kamala Harris (D-CA), and Elizabeth Warren (D-MA), Forbes reported.