Marijuana Banking Bill Introduced

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by: Senator Robert Menendez (D-NJ)

Washington, D.C. - April 12, 2019 - (The Ponder News) -- U.S. Senator Bob Menendez, a senior member of the Senate Banking Committee, introduced the Secure and Fair Enforcement (SAFE) Banking Act of 2019 to ensure that legal cannabis businesses can access banking services.

“The fact is, we already have legal medical marijuana businesses in New Jersey,” said Sen. Menendez. “What they don’t have are bank services to pay employees, take credit cards, write checks or pay taxes. Instead, they’re forced to operate entirely in cash—large sums—an open invitation for robbery and crime. We can fix this with common sense legislation that simply allows banks and credit unions to service these legitimate, legal enterprises without risk of federal prosecution.”

Currently, cannabis businesses operating under state laws that have legalized medicinal or recreational marijuana have been mostly denied access to the banking system because banks can be prosecuted under federal law. Without the ability to access bank accounts, accept credit cards, or write checks, businesses must operate using large amounts of cash. This creates safety risks for businesses and surrounding communities, and makes it more difficult for local and state governments to collect taxes.

Sen. Menendez said he also plans to soon introduce separate legislation to allow insurance companies to provide services to legal marijuana businesses. Currently, those businesses are largely barred from getting property, fire, flood, liability and other insurance products.

“Legal marijuana businesses don’t just need banking services, they need insurance in order to operate and seek financing, and insurers need the green light to participate in this emerging market,” he said.

At a Senate banking panel hearing in February, Senator Menendez asked Federal Reserve Chairman Jerome Powell about the fact that most banks can’t service legal marijuana businesses because the drug remains illegal on the federal level. Powell agreed with Menendez that Congress should consider providing both financial institutions and insurance providers new clarity so that businesses can operate not only legally, but safely, and that local economies can benefit.

The SAFE Banking Act of 2019

Provides safe harbor for depository institutions and credit unions by preventing Federal banking regulators from:

Terminating or limiting depository institutions’ Deposit Insurance Fund or credit unions’ share insurance under the National Credit Union Share Insurance Fund for providing services to a state-sanctioned and regulated cannabis business, or to a tribe that has cannabis-related businesses, solely because that institution is providing services to a legitimate state-sanctioned and regulated cannabis business;

Prohibiting, penalizing, or discouraging a depository institutions from providing financial services to a legitimate state-sanctioned and regulated cannabis business;

Recommending or incentivizing a depository institution to halt or downgrade providing any kind of banking services to these businesses; or

Taking any action on a loan to an owner or operator of a cannabis-related business.

Creates safe harbor from liability and asset forfeiture for institutions and their officers and employees who provide financial services to legitimate cannabis businesses pursuant to state or tribal law.

Does not require depository institutions or credit unions to provide financial services to a cannabis-related legitimate business.

Requires depository institutions and credit unions to file Suspicious Activity Reports (SARs) under the Bank Secrecy Act pursuant to relevant Financial Crimes Enforcement Network (FinCEN) guidance.

See Also:

MERKLEY, GARDNER LEAD SENATE INTRODUCTION OF BIPARTISAN LEGISLATION TO PROVIDE ACCESS TO BANKING SERVICES FOR LEGAL CANNABIS BUSINESSES

DeGette introduces bill to block feds from enforcing marijuana laws in states where its legal

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by: Diana Degette (D-CO, 1st)


Washington, D.C. - March 29, 2019 - (The Ponder News) -- U.S. Rep. Diana DeGette (D-CO) introduced legislation today that would prevent the federal government from enforcing its prohibition on marijuana in states, such as Colorado, where it is legal for residents to possess and use the drug.

The legislation – known as the Respect States’ and Citizens’ Rights Act – would amend the Controlled Substances Act to prevent federal preemption of state’s marijuana laws. If approved, marijuana-related business owners in states such as Colorado, where cannabis is legal, would be able to promote and grow their businesses without the threat of federal intervention. It would also allow the states themselves to establish the regulatory frameworks needed to reasonably tax and regulate the industry, without the threat of a federal court challenge.

“Colorado’s marijuana-related business owners are just like any other legitimate business owners in our state, and are currently contributing more than one billion a year to our state’s economy,” DeGette said. “There’s no reason why they should have to go to bed every night worried that the federal government could suddenly take it all away from them, and treat them like a criminal.”

The legislation comes on the heels of the recent appointment of William Barr as the nation’s new Attorney General. Barr, who had previously served as Attorney General under president George H.W. Bush from 1991 – 1993, is known for his tough-on-drugs approach, which he exhibited during his first stint as the nation’s top cop.

But in the time since Barr previously led the Justice Department, 10 states – Colorado, Alaska, California, Maine, Massachusetts, Nevada, Oregon, Washington, Michigan, Vermont – and the District of Columbia have all legalized the recreational use and possession of marijuana for their residents.

Barr tried to tamp down any concerns that these marijuana-friendly states may have during his recent Senate confirmation hearing by saying he would respect state marijuana laws. But during that same hearing, he also said that the “current system is untenable” and that he personally supports federal marijuana prohibition.

The remarks have raised concerns regarding the administration’s plans to enforce the nation’s marijuana laws going forward. And it’s led DeGette to reintroduce the legislation she originally filed in 2012, immediately after Colorado voters approved an amendment to their state’s Constitution to legalize marijuana, to try to shield the residents and business owners in states such as hers from any future adverse actions by the feds.

The full text of DeGette’s legislation introduced today can be found here.

Reactions about Sessions' Actions Regarding Marijuana

Washington, D.C. - January 5, 2017 - (The Ponder News) -- Attorney General Jeff Sessions made an announcement of his intentions to rescind the Obama-era non-interference policy and targeting of states that have legalized medical or recreational marijuana use. This has prompted much reaction from House members. Tulsi Gabbard (D-HI, 2nd) has denounced his decision and called on Congress to pass H.R.1227, the Ending Federal Marijuana Prohibition Act, which removes marijuana from the federal controlled substances list.

Congresswoman Tulsi Gabbard said:

“Attorney General Sessions' reversal of the current non-interference policy that essentially allowed states to implement their own marijuana laws without federal interference, tramples on states’ rights and is a dangerous escalation of the failed so-called War on Drugs. This overreach by the federal government undermines state governments like Hawaii’s that have legalized medical marijuana and threatens the livelihoods and rights of the people of Hawai‘i and those of the 29 states and Washington DC who have legalized some form of marijuana.

“This decision reinforces our outdated and destructive policies on marijuana that turn everyday Americans into criminals, tear families apart, and waste billions of taxpayer dollars to arrest, prosecute, and incarcerate people for nonviolent marijuana charges. Taxpayer dollars would be better spent tackling the many problems that plague the American people including combating the opioid epidemic, ensuring affordable housing, repairing aging infrastructure, and investing in education, healthcare, veterans’ care, and more.

“By continuing to pour billions of dollars down the drain with our archaic marijuana policies, we stifle our economy, society, and criminal justice system and leave the people of Hawai‘i and millions more devastated – all for a substance that is far less dangerous and harmful than alcohol. Our laws should accurately reflect scientific consensus – not misplaced stigma and outdated myths about marijuana.

“I urge my colleagues to support H.R. 1227, the Ending Federal Marijuana Prohibition Act, which would decriminalize marijuana by removing it from the federal controlled substances list, treating it the same as alcohol and tobacco. Our bipartisan legislation will end this unnecessary and costly debate once and for all by federally decriminalizing marijuana and kick-starting long overdue, common sense criminal justice reform.”

Other reactions are as follows:

Matt Gaetz (R-FL, 1st)

“This cruel plan is repugnant to the Tenth Amendment and harms some of our most vulnerable fellow Americans. In my district and nationwide, children have been helped by medical marijuana when all other treatments have failed. Some have gone from surgeries and seizures to baseball games and homecoming dances.

Veterans have ditched the ‘combat cocktail’ for soothing medical marijuana treatments and rejuvenated lives. AG Sessions’ policy would make sick children sicker. It would oppose the will of 81% of veterans, according to the American Legion. It will place the government between vulnerable people and something that could help them. This decision even flies in the face of President Trump, who expressed support for medical marijuana and state-level decision-making during his campaign, and stated on July 29, 2016 that “I think it should be up to the states.” While prosecution of bad actors is always welcome, it would be heartless to systemically use the awesome power of the federal government to punish people providing legitimate medicine.”

Ruben Gallego (D-AZ, 7th)

“I support full legalization of marijuana. As a member of the Arizona legislature, I introduced a bill that would have legalized marijuana possession and regulated and taxed marijuana in our state in a manner similar to alcohol. I wholly support these types of measures.

“Marijuana is less harmful than other regulated products, including alcohol, when used properly by adults. I believe that its regulation makes it even safer, and allows states to economically benefit through reasonable taxation – shifting production and sale of marijuana away from drug cartels and criminals and into the hands of taxpaying businesses that are subject to strict regulations.

“But this decision is also about so much more.

“Jeff Sessions’ irresponsible decision is not only an infringement on states’ rights, but it is bad policy that will disproportionately hurt Latino and black youth and the economically disadvantaged, who already face higher rates of prosecution and conviction for minor offenses.

“The Trump-Sessions Justice Department has weakened civil rights enforcement, increased mandatory minimum sentences, walked back monitoring of law enforcement agencies charged with civil rights abuses, and is now looking to ramp up prosecution of legalized marijuana.

“Jeff Sessions is a man whose entire career has been defined by his hostility towards civil rights and racial justice, and his tenure as the nation’s top law enforcement official has enabled him to continue this dangerous assault on our democracy.

“The American people deserve a Justice Department that will fight to protect the civil rights of all people instead of promoting bad policy motivated by racial animus.”

Colleen Hanabusa, (D-HI, 1st)

“The priorities of this administration continue to mystify me. America is struggling with an opioid epidemic that is killing 91 Americans a day but rather than focus effort and resources on stopping the illegal prescription drug market, the Justice Department is signaling to prosecutors that it is open season on marijuana dispensaries and businesses operating legally in states with established policies and procedures. What a complete waste of time. Hawaii is one of 21 states that permit medical use and we have more than 18,000 patients and issued licenses to eight dispensaries. Times have changed; more than half the population of this country lives in a place where marijuana is legal for recreational or medicinal use. We cannot turn back the clock the way the Attorney General seems to think we can. The state legislature must explore how to regulate and ensure public safety if Hawaii joins the growing movement of states seeking to generate new revenue to pay for essential government services by legalizing marijuana for recreational use. What we cannot do, is throw uncertainty into a growing market space and leave thousands of legal users and patients in limbo. Congress needs to step up and protect states’ rights on this issue.”

Denny Heck (D-WA, 10th)

“Perhaps because the Trump Administration was unsuccessful in repealing the Affordable Care Act, they’ve thought up another way to harm cancer patients, chronic pain sufferers, and other law-abiding citizens by taking away common sense guidance for federal law enforcement to work with local communities who have voted to legalize adult use of recreational or medical marijuana. In fact, nearly a quarter of the U.S. population now lives in a place where adult use is legal. Voters across the country have shown they are serious about taking the right steps to regulate marijuana like alcohol.

“This reckless and irresponsible action from the Department of Justice will not go unanswered. To prevent this action from spiraling out of control, Congress must immediately remove marijuana from the list of controlled substances, in order the preserve the legal marijuana markets present in 37 states. It is time for the federal government to catch up with the public, and align federal and state laws in a common sense way to prevent further disruptions to this established legal market that will actually make these communities less safe.”

U.S. Representatives Ed Perlmutter (CO-07), Heck, and Don Young (R-AK) introduced bipartisan legislation in April 2017 to allow marijuana-related businesses in states with existing regulatory structures to access the banking system. A similar companion bill in the Senate was introduced by Senator Jeff Merkley (D-OR) and Cory Gardner (D-CO). The SAFE Banking Act reduces the public safety threat that arises when small businesses are forced to operate on a cash-only basis. Last year, Travis Mason, a Marine veteran and security guard at a marijuana business in Aurora, Colorado was tragically killed during a robbery.

Pramila Jayapal (D-WA, 7th)

“I’m extremely disappointed in Attorney General Jeff Sessions’ attempt to disregard the will of the people and return us to the days of prohibition and the war on drugs.

“At a time of broad public support for marijuana legalization and criminal justice reform, we should be moving forward – not going back to outdated and harmful policies that do little to enhance public safety and disproportionately hurt people of color.

“Washington voters led the way in legalizing marijuana five years ago, taking an important step in reducing mass incarceration, strengthening public health, and bolstering our economy – and I will fight for them. I will be working with my colleagues on the Judiciary Committee in a bipartisan way to address this issue. Republicans who have an actual commitment to state’s rights should speak out now against this decision.”

Ruben Kihuen (D-NV, 4th)

“Secretary Sessions’ decision clashes with the will of hundreds of thousands of Nevadans and millions of Americans who have voted in favor of marijuana legalization. Mr. Sessions and the Department of Justice are reversing a years-long policy of respecting the rights of states in order to take out a personal vendetta on an industry that has sold nearly $130 million worth of product in Nevada and brought in $20 million in tax revenue to the state since July. This decision will not only impact the marijuana industry and the thousands of jobs it is creating, but it will put at risk a stable source of vital tax revenue for our state.”

Attorney General Jeff Sessions to end policy that allowed legal pot to thrive

Source: Daily News



Sessions is expected Thursday to announce his intentions to repeal a 2013 Obama-era policy that's protected legalized marijuana from federal intervention, according to two sources with direct knowledge of the decision.

Read more about this at The Daily News

Doug Lamborn (R-CO, 5th)

“The federal government has the right and responsibility to uphold federal laws. I am encouraged by Attorney General Sessions’ revision of the Cole Memo. The Cole Memo was an effort by the Obama Administration to create laws by executive action through the Department of Justice, as it did with immigration, rather than to enforce laws duly passed by the legislative branch.

The social costs of legalizing marijuana in Colorado have been steep, and the negative effects on children are particularly concerning. Since legalization, the number of calls to emergency poison control for children eight years and younger has tripled, thanks to the potency, attractiveness and availability of edibles. Youth arrests, particularly among minorities, have sharply increased. Homelessness is a rapidly growing concern. Rather than lessening criminal activity associated with marijuana, cartels have rushed into Colorado, resulting in 19 cartel operation busts in the last 18 months.

If we’re honest with ourselves, legalizing marijuana has been bad for the state of Colorado. I applaud Attorney General Sessions for upholding the law and recognizing the serious and proven harms associated with marijuana.”

Let's Trade One Drug for Another: Marijuana Instead of Opioids -- Says House Representatives

Washington, D.C. - December 8, 2017 - (The Ponder News) -- Rep. Tulsi Gabbard (HI-02) and a bipartisan coalition of 20 Members of Congress called on the Department of Health and Human Services (HHS) to consider medical marijuana as a pain management alternative to opioids. In a letter to Acting Secretary of HHS Eric D. Hargan, the lawmakers pushed for research on the use, uptake, and effectiveness of medical marijuana as a pain management substitute for opioids, as well as additional details on the Department’s ongoing information sharing and related efforts to the opioid crisis with state governments and federal agencies.

“As the opioid epidemic continues to ravage communities across the country, we must pursue every available path to prevent, treat, and ultimately end America’s reliance on these highly addictive drugs,” said Congresswoman Tulsi Gabbard. “In Hawai‘i alone, hospitalizations, emergency room visits, and opioid-related deaths have doubled over the last decade. Studies have found a correlation in states that have legalized medical marijuana with a drop in addiction rates and opioid abuse deaths, some by over 20%. With 91 lives lost every single day to the opioid epidemic, Acting Secretary Hargan should immediately authorize additional research into medical marijuana as an alternative treatment to urgently address this opioid crisis.”

Congresswoman Tulsi Gabbard has cosponsored legislation like the STOP OD Act (H.R.664) to help state and local governments raise awareness of the dangers of opioids like fentanyl, oxycodone and heroin, expand educational efforts to prevent opiate abuse, and promote treatment and prevention. She also voted to pass a series of bipartisan measures in the 114th Congress to address some of the widespread problems that have caused and perpetuated the national opioid crisis, including the Comprehensive Addiction and Recovery Act of 2016 (S.524) signed into law in July 2016, and has continued to call for drug companies perpetuating the crisis to be held accountable.

Congresswoman Tulsi Gabbard is the lead Democratic co-sponsor of H.R.1227, the Ending Federal Marijuana Prohibition Act, which would take marijuana off the federal controlled substances list, as part of her commitment to common sense criminal justice reform.

Read the full text of the letter here.


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INDUSTRIAL HEMP BILL INTRODUCED

Washington, D.C. - August 3, 2017 (The Ponder News) -- Congressmen James Comer (R-KY), Bob Goodlatte (R-VA), Jared Polis (D-CO), and Thomas Massie (R-KY) introduced federal legislation to end unnecessary and outdated regulations on industrial hemp. The Industrial Hemp Farming Act exempts industrial hemp from the Controlled Substance Act’s definition of marijuana, creates a new category for hemp research at universities and state departments of agriculture, and allows for further commercialization of industrial hemp crops.

“I am honored to sponsor the Industrial Hemp Farming Act because I know firsthand the economic viability of industrial hemp. Hemp has created new opportunities for family farmers and good paying jobs for American workers, especially in Kentucky,” said Rep. Comer who led the successful industrial hemp efforts in Kentucky as the Kentucky Commissioner of Agriculture.

“Industrial hemp isn’t a new crop to the United States, but most Americans aren’t aware of the wide range of legitimate uses for it. I’ve met many Virginia farmers who are ready to commercially produce and create a market for industrial hemp in the U.S., but outdated, though well-intentioned, federal restrictions on the cultivation and commercialization of this crop stand in the way. By removing industrial hemp from the definition of a controlled substance, the Industrial Hemp Farming Act will finally allow for responsible, commercial production of industrial hemp without fear of violating federal law. This bipartisan legislation is the product of many months of robust discussion with both lawmakers and stakeholders. I am pleased to see it introduced today, and I look forward to moving this legislation through the House,” said Congressman Bob Goodlatte.

"Industrial hemp is a sustainable crop and could be a great economic opportunity for Kentucky farmers,” said Rep. Massie. "I'm optimistic that we can get the Industrial Hemp Farming Act to the President's desk this Congress. In 2014, for the first time in over half a century, hemp was grown and harvested in Kentucky under the pilot programs allowed by the Polis-Massie-Blumenauer amendment to the 2014 Farm Bill. I look forward to working with Congressman Comer to build on that momentum to give our nation's farmers and manufacturers more opportunities to compete and succeed in the global economy. I am proud to be an original co-sponsor of this bill introduced by Congressman Comer, who was instrumental in bringing the hemp industry to Kentucky as Agricultural Commissioner,” Massie added.

“Hemp has boundless potential as a sustainable alternative to plastics and other environmentally harmful products,” Polis said. “It can be used in everything from construction materials to paper to lotions and even ice cream. It’s past time that we eliminate absurd barriers and allow hemp farmers to get to work, create jobs, and grow this promising and historically important crop!”

Kentucky is widely viewed as one of the leading industrial hemp producing states. Both Kentucky’s U.S. Senators, Mitch McConnell and Rand Paul, are strong supporters of industrial hemp and worked together with Rep. Thomas Massie to add language in the 2014 Farm Bill to allow further growth of industrial hemp crops in states that passed regulatory framework. Comer’s bill will take industrial hemp to the next level and begin to treat hemp like corn, soybeans, wheat, and other traditional farm crops.

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