House Republicans Strike Cannabis Banking Provisions From Funding Bill

in Culture

GOP lawmakers in the U.S. House of Representatives this week removed legislative provisions to protect banks that serve cannabis businesses from a federal funding bill after resistance from fellow Republicans. The legislation was removed from the financial services and general government bill that provides annual funding for the Treasury Department and federal payments for the District of Columbia and the Securities and Exchange Commission, as well as other federal agencies, according to a report from The Hill.

The cannabis banking provisions of the bill would have blocked federal funds from being used to “penalize a financial institution solely because the institution provides financial services” to businesses involved in the hemp and state-legal cannabis industries. The legislation was included in the Republicans’ initial draft version of one of the dozen annual funding bills GOP leaders hope to pass into law before election season heats up this fall.

GOP Representative Dave Joyce of Ohio, the co-chair of the Congressional Cannabis Caucus and the chair of the House subcommittee responsible for drafting the funding bill, said that the cannabis banking provisions were struck from the legislation after some of his fellow Republicans had “taken issue” with the measure.

“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 at a subcommittee markup hearing for the legislation earlier this month, The Hill reported.

“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,” the lawmaker added.

During the subcommittee markup hearing, North Carolina GOP Representative Chuck Edwards attacked the …

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Author: A.J. Herrington / High Times

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