Marijuana Banking Goes to Washington, as House Holds First-Ever Hearing
"Having a safe harbor for banks is probably the most expeditious way of getting more folks out of the black and gray markets and into the legitimate markets," California Treasurer Fiona Ma said.
February 13, 2019 at 06:26 PM
4 minute read
California Treasurer Fiona Ma pleaded with federal lawmakers Wednesday to enact safe harbor legislation aimed at encouraging more banks and credit unions to accept state-licensed marijuana businesses as customers.
Ma, testifying before the U.S. House subcommittee on consumer protection and financial institutions, noted that California has explored creating its own public bank and authorizing a closed-loop banking system as alternatives to the cash-dominated cannabis market that exists today.
None of those proposals are preferable, Ma said, to federal legislation that would shield existing depositories from prosecution under money laundering laws.
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Trending Stories
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250