State AGs, treasurers ask Congress to allow marijuana banking

Some 38 attorneys general and 17 state treasurers support providing safe harbor for FIs.

State attorneys general and a group of state treasurers have called on Congress to enact legislation that would provide a safe harbor for financial institutions to do business with cannabis-related companies.

Some 38 attorneys general from states and U.S. territories have sent congressional leaders a letter endorsing the plan sponsored by Reps. Ed Perlmutter (D-Colo.) and Denny Heck (D-Wash.). And 17 state treasurers sent a similar letter last week.

That legislation has been approved by the House Financial Services Committee and awaits floor action.

But on the Senate side, Senate Banking Chairman Mike Crapo (R-Id.) remains skeptical of the idea.


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