legal use
GOP Lawmakers Strike Down Cannabis Banking Provisions in Federal Funding Bill
Attention all hipsters! The U.S. House of Representatives has made a major move this week, removing legislative provisions that would have protected banks serving cannabis businesses from a federal funding bill. And the reason? Resistance from fellow Republicans, of course.
According to a report from The Hill, the financial services and general government bill, which provides annual funding for the Treasury Department, federal payments for the District of Columbia, and the Securities and Exchange Commission, among other federal agencies, had the cannabis banking provisions removed.
These provisions would have prevented federal funds from being used to penalize financial institutions for providing services to businesses in the hemp and state-legal cannabis industries. The legislation was initially included in the Republicans’ draft version of one of the twelve annual funding bills they hope to pass into law before the upcoming election season.
But alas, it was not meant to be. GOP Representative Dave Joyce of Ohio, co-chair of the Congressional Cannabis Caucus and chair of the House subcommittee responsible for drafting the funding bill, revealed that the cannabis banking provisions were struck down after some of his fellow Republicans “took issue” with the measure.
“It is past time that the federal government respect the will of these states,” Joyce declared at a subcommittee markup hearing for the legislation earlier this month. “This issue is especially pertinent as cannabis regulations have been proven to increase public safety and quality of life for Americans.”
He added, “My Financial Services and General Government bill included provisions to do just that and ensure states’ rights to make the best choices for their unique constituencies are protected.”
But not everyone was on board with the provisions. During the subcommittee markup hearing, North Carolina GOP Representative Chuck Edwards attacked the cannabis banking provisions, calling them “affirmative authorization disguised as a limitation.” He also pointed out that marijuana is still illegal under federal law.
“Our country has never allowed a federally illegal activity to be banked,” Edwards stated. “And I believe that it should remain illegal. It’s dangerous, and more and more evidence is being found that it causes irreparable harm, particularly to younger minds.”
While the Biden administration has taken steps to reclassify cannabis under the Controlled Substances Act, the full legalization of recreational marijuana at the federal level is still a distant dream. And with Congress still opposed to comprehensive legalization, it seems that the fight for cannabis reform will continue for years to come. But hey, at least some progress is being made, right?
