The first hearing of the 116th Marijuana Congress began on Wednesday. The Household Finance Subcommittee asked witnesses how access to banks can improve public security, how the cash-based business hinders transparency and, at the same time, whether these companies' money smelled like cannabis.
The permanent regulatory framework continues to retain almost all banks from this growing industry, despite a clear interest, ”said Gregory Meeks (D-NY), Chairman of the Subcommittee at the beginning of the meeting. "Today's hearing will allow us to start discussing a legislative proposal to ensure transparency, accountability and key factors in the violent crime in this area."
Under the chairmanship of the Subcommittee on Consumer Protection and Financial Services "Challenges and solutions: access to banking services related to cannabis business " pic.twitter.com/TC0soeE2RM
̵1; Gregory Meeks (@RepGregoryMeeks) February 13, 2019
A draft law was passed by a bilateral group of lawmakers to protect banks
"Today, after six years, we finally held the hearing, and it is too late," he said in his initial remarks. Deck Heck (D-WA), which is a law. "It's too late to be Avoiding tens of armed robberies in my Washington, too late for Travis Mason, a 24-year-old sailor veteran in Aurora (Colorado), 2016 June 18 Reported about the safety and the green heart doctor, and that night an armed robber was shot. 19659002] "In this committee, we have the power to prevent murders and armed robberies," he said, on the grounds that preventing marijuana companies from entering banks means they have to work for cash. "We have to use it and now we have to use it because we are already late."
We need bank access to cannabis companies over the last six years. It is unacceptable that Congress allow such a critical public security threat to be ignored. We are late and time has passed in the past #SAFEBanking . pic.twitter.com/Lzcm85YgyV
by Denny Heck (@RepDennyHeck) February 13
Rep. Ed Perlmutter (D-CO), another legislator, said that if legislators oppose legalization, "this is their business."
"But the American electorate spoke and continued to speak, and the fact that you can't get the Genre back into the bottle," he said. "Insurance Expired."
Today's hearing is a big thing for thousands of workers, businesses and communities at risk of being b / c forced to work in cash. We need #SAFEBanking to get money from the streets and make our communities safer. https://t.co/fEmJbQc2X8  – Ed Perlmutter (@RepPerlmutter) 2019 February 13
47 states and the District of Colombia spoke and legalized a certain recreational or medical marijuana, including CBD. EUR 318.2 million People live in these 47 countries – 97.7 percent. Population. Time to align state and federal laws on this issue with #SAFEBanking .
– Rep. Perlmutter (@RepPerlmutter) 2019 February 13
I appreciate a subcommittee that allows me to testify at the hearing. It happened 6 years after @RepDennyHeck and I first introduced #SAFEBanking legislation. I also appreciate @RepSteveStivers and @WarrenDavidson bilateral support for cannabis banking. https://t.co/6ChK0qVc87  – Ed Perlmutter (@RepPerlmutter) 2019 February 13
Witnesses from the California Treasury Fiona Ma, Law Enforcement Partnership (LEAP) Director Major Neill Franklin, Bank Representatives, Medical Marijuana Medical Doctor Owner and Smart Approaches to Marihuana (SAM) Chairman attended the meeting.
"The Committee is undoubtedly aware that the cannabis business is not the only one in the struggle to get into banking – although their position is the most difficult. Any company that handles a large portion of the currency also depends on the most thorough scrutiny of the financial services industry for all the reasons that are well understood by its members, ”Ma said in a written testimony.
"W / oa bank account, legal #marijuana companies have to act in cash to become robberies approved by law. Cannabis dispensers in California abandoned cash bags and suitcases to pay taxes … " @fionama @FSCDems
– CA Treasurer of the CA (@CalTreasurer) 2019
stated that "an effective safe harbor mechanism in federal law promotes public security, improves the efficiency of collecting taxes and charges for industry regulation, and prevents banks and credit unions from completely abandoning their obligations to know their customers and avoid illegal money laundering."
Rep. Ted Lieu (D-CA) said he was pleased to see Ma's testimony.
I'm glad @CalTreasurer @fionama is one of the witnesses of the modern @FSCDems meeting on access to banking services for cannabis Legal #cannabis  007] is here to stay businessmen and consumers See LIVE here: https://t.co/KfPk9zVpaE  – Ted Lieu (@RepTedLieu) 2019 February 13
Rep. Dina Titus (D-NV) reiterated this question and said that Nevada "is proof that the marijuana insurance period has expired" and that "the time of the federal government to start acting the way it is."
The first hearing of the Congress is currently on marijuana banking. Nevada is proof that the marijuana insurance period has ended.
– Dina Titus (@repdinatitus) 2019 February 13
Franklin, a retired Maryland police officer, said that current law "promotes tax fraud, adds expensive monitoring and accounting costs and, above all, leave legitimate businesses vulnerable to theft, robbery and violence that accompanies those crimes. "
" I'm not one of the fear mongering – what I testify today is rooted and research, "he said. "Every police officer who worked on the street or explored enough robberies would testify to any business forced to handle large amounts of cash."
For the members of the subcommittee, he said that "the security of thousands of employees in your hands is business owners, security. staff, police officers and community members.
Rep. Maxine Waters (D-CA), Chairman of the Household Financial Services Committee, thanked Meeks for being the first meeting of the Subcommittee and called it "so important."
"So many people waited," Waters said before the subcommittee. "I highly appreciate it."
The hearing was well attended, as Alexander Ocasio-Cortez (D-NY) emphasized that he had shown a line of people with line lobbies and "those who can
. usual practice, and people do not escape the eye.
The first few people who have been granted permission guarantee a place for a particular hearing.
It was listening to marijuana banking laws. Lobbyists and those who can afford will be able to keep people in their place to get to 1.
– Alexandria Ocasio-Cortez (@AOC) 2019 February 13
During the meeting, Ocasio-Cortez asked whether the provision of bank access to the marijuana industry would be a "more complex gap between racial assets now," giving the advantage to mostly white, wealthy business owners living in communities, disproportionately affected by the drug war
Corey Barnette, DC Marijuana Business said he agreed that the industry, as it is today, does not reflect the whole society, but he also said that access to banks could even give smaller prospective business owners the means to "reach" to start a cannabis company.
At one of the lighter moments at the meeting, Rashida Tlazba (D-MI) asked Barnette whether the money in his outpatient smell like marijuana
"I heard it was true," said Tlaiba. "Money smells, right?"
"It was in some cases," said Barnette.
Although the chairman of the SAM Board Jonathon Talcott was rarely given to members during the meeting, Mr Rogers Williams (R-TX) asked the witness whether "the generally accepted fact that marijuana is not a gateway and has no negative negative impact on public health".
Talcotas said that cannabis is "a very clear gateway to drugs" and trembling jokes about "marijuana-induced psychosis" in legalized states
at a Subcommittee on Consumer Protection and Financial Institutions discussing challenges and solutions for cannabis business and their availability bank services. pic.twitter.com/MCjOwlyNOf
– Rep. Jennifer Wexton (@RepWexton) February 13
Heck, one of the recipients of bank accounts, turned to what prompted him to be a lawyer for financial services solutions for the marijuana industry. He said he was his brother who died after being exposed to herbicides during the Vietnam War.
"At the end of his life, the only help he could find was illegal use of marijuana," Heck said. "I always thought and lived with the irony that the same people who asked my brother to put on the same and life-threatening activity – which eventually took their life – considered him a crime when he made it easier for banks to create protection Marijuana companies provide such help to patients, this is enough reason to fight for reform, Heck said.
"Congress has the opportunity to make a simple policy change that benefits communities and small businesses by adopting a cannabis banking reform," Aaron Smith, Executive Director of the National Cannabis Industry Association, said in a press release. "Representatives Perlmutter and Heck should be praised for this hearing so that this issue can be profitable, and we can move on to a smart policy that will increase public growth and transparency in this fast-growing industry."
Rep. Earl Blumenauer (D-OR), who published a project outlining the legislative path to legalization of marijuana, said in a press release that "access to the banking problem" is "one of the first to fall".
shows that Congress "is finally making progress in addressing the irrational, unfair and unsafe abandonment of regular banking services to state-owned marijuana companies across the country," he said.
"Today's hearing was a big thing for thousands of workers, companies and communities across the country at risk because they were forced to fight for money, and Congress held its sand," another bill said in a report by Perlmutter. "The American electorate spoke and continued to speak, and the fact that you can't bring the genie back into the bottle. The SAFE Banking Act is only for cash withdrawal from the streets and safer acceptance of our communities, and only Congress can take these steps to ensure this certainty for businesses and financial institutions across the country. "
" We listened to testimonies today about the dangerous situation we put shop owners and employees in forcing them to make all their money. We can solve this. We must not force them to act in a way that makes it difficult to secure and monitor their funds, ”Heck said. “Despite our approach to marijuana use, voters have decided in all countries across the country that they want leisure and medical markets. To keep doing nothing to protect public safety would be negligent.
This is a plan for marijuana bank accounts Democrats in 2019: Draft text
Consent of the Home Financial Services Committee / YouTube.