On June 21, 2016, the House Committee on Rules blocked an amendment to H.R. 5485, the Fiscal Year 2017 Financial Services and General Government Appropriations Act, that would have prohibited regulators from penalizing financial institutions that provide services to state-legal marijuana businesses.
Tag Archives: Rep. Ed Perlmutter
Ed Perlmutter, a Democratic congressman who represents a district just to the north and west of Denver, has introduced HR 2076, addressing the federal barriers to banking for state-legal marijuana businesses.
WASHINGTON, DC – The House of Representatives cast two votes today in support of opening up banking services to state-legal marijuana businesses. By a vote of 231-192, the House passed an amendment to the Financial Services appropriations bill, forbidding the use of federal funds to penalize financial institutions that serve marijuana businesses operating legally under state law.
The IRS problems faced by marijuana businesses can really only be solved one way: by changing the classification of marijuana as a Schedule I drug under federal law. Doing so will unbind the hands of the IRS to relax their penalties, and it may make it easier for businesses to work with banks.