Congressman: Feds Don’t Want to Confront Anti-Marijuana Banking Laws

April 6, 2015
johnhollon
Policy & Legal
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Congress doesn’t have the appetite to deal with the conflict between federal and state laws that has caused a banking crisis for the burgeoning marijuana industry in Colorado and other states, according to a member of a House committee that would take up the debate.

Despite repeated calls for Congress to address federal rules that restrict banks from openly working with the marijuana industry — the drug is illegal under federal law — U.S. Rep. Scott Tipton, R-Cortez, said he sees little resolve in Washington, D.C., to take it on.

Tipton, a member of the House Committee on Financial Services, said in an interview that he believes it’s also unlikely the Federal Reserve will act anytime soon on marijuana-only Fourth Corner Credit Union’s request for direct access to the nation’s banking system. [Read more at The Denver Post]

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