Bank Accounts For Marijuana Businesses (H.R. 2652)
Do you support or oppose this bill?
What is H.R. 2652?
(Updated September 8, 2019)
H.R. 2652 would prohibit federal bank regulators from hampering the ability of marijuana-businesses to use depository financial institutions (i.e. banks).
Specifically, regulators would not be allowed to give
depository institutions any sort of motivation to downgrade or cancel financial
services for an individual solely because they own or plan on operating a
marijuana-related business. These institutions would be protected from criminal
prosecution for serving marijuana-related businesses.
Regulators would not be allowed to halt loans taken out by the
operators of marijuana-related businesses or report their financial transactions
as “suspicious” solely because of the nature of their product.
Argument in favor
Purchasing marijuana is legal in two states, and medical marijuana is legal in 23. Prohibiting marijuana businesses from using financial institutions increases the risk of violent crime and tax evasion.
Argument opposed
Federal law clearly prohibits the sale of marijuana. By giving marijuana-businesses the right to use depository institutions, the federal government is effectively sanctioning illegal drug use throughout the U.S.
Impact
Marijuana-users, legitimate marijuana-businesses, banks, and federal bank regulators.
Cost of H.R. 2652
A CBO cost estimate is unavailable.
Additional Info
Of Note:
Even though medical marijuana is legal in 23 states and
completely legal in two, Marijuana is
still illegal under federal law. Marijuana is well
on it’s way to becoming a multi-billion dollar industry, but many bank officials feel uneasy when it comes to doing
business with legitimate marijuana-operators.
For example, banks that provide
operators with a loan can be charged with conspiring to distribute marijuana, even in
Colorado and Washington where it’s legal under state law. Businesses that can’t
open a bank account also face numerous tax problems, like being unable to file
returns online, which can result in hefty penalties.
For opponents of H.R. 2652, all of these barriers make sense because, at the federal level, marijuana is still .
Media:
Bill Sponsor Rep. Ed Perlmutter (D-CO) Press Release
(Photo Credit: Flickr user MarijuanaConnections.com)The Latest
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