Coffman Urges Action on Marijuana Banking Legislation
(Washington, D.C.) Today, U.S. Representative Mike Coffman (R-CO) sent a letter to House Financial Services Subcommittee on Financial Institutions & Consumer Credit Chairman Shelley Moore Capito (R-WV), urging action on H.R. 2652, the Marijuana Businesses Access to Banking Act of 2013, that would allow financial institutions to provide banking services to businesses dealing with marijuana products in jurisdictions where it is now legal.
“As you are aware, the citizens of Colorado and the State of Washington have passed referendums legalizing the recreational use of marijuana. I am concerned that while marijuana is now legal in these two states, Federal banking regulations still prohibit, without any exceptions, the financial services industry from dealing with businesses that profit from controlled substances,” wrote Coffman.
The bi-partisan Marijuana Business Access to Banking Act of 2013, that Coffman is a co-sponsor of, would prohibit federal regulators from punishing any bank servicing marijuana businesses in places like Colorado and the State of Washington where the recreational use of marijuana is now legal.
“These cash-only businesses are vulnerable to increased criminality and will not have the necessary audit trail for the collection of tax revenues owed to local, state, and to the federal government. While we all may not agree with the wisdom of the decision to pass these referendums, they are now state law and should be respected by the federal government,” wrote Coffman.
The letter to House Financial Services Subcommittee on Financial Institutions & Consumer Credit Chairman Shelley Moore Capito can be found here.