The debate over the topic of marijuana continues throughout the different levels of government. However, now, more groups are standing on the side of legalization or, at the very least, reform in regards to the marijuana banking debate. These groups range from credit unions to financial, labor, and insurance groups to even Biden’s treasury secretary. Each of these different groups are seeking to create marijuana banking reform. They are each seeking the same changes. As such, the overall message is clear: reform needs to occur.
The credit unions that are getting involved with this debate are more focused on getting the Senate to agree with the House’s actions. Specifically, they want the Senate to also attach language from the Secure and Fair Enforcement (SAFE) Banking Act to the National Defense Authorization Act (NDAA). The credit unions are supporting this reform on behalf of their clients. This is because there are members in legal states who don’t have access to traditional banking services. They point out that this leads to a major public safety issue.
The credit unions wrote a letter supporting these changes to the NDAA. In the letter, they are stating that it would help those in the cannabis industry to have access to traditional banking services.
It wasn’t just the credit unions that are trying to push for these changes. The American Bankers Association, Credit Union National Association, United Food and Commercial Workers Union, and 11 other organizations have also announced their support. Like with the aforementioned credit unions, these groups also want the Senate to add marijuana banking reform to the NDAA.
To add further support to their side, these groups also sent a letter to Senate leadership. This was done to demonstrate their support for marijuana banking reform. Among the reasons that they give, the groups describe in the letter that legalization is an inevitability. As such, those involved in the industry need to have better banking protection.
Even those in President Joe Biden’s administration are supporting these changes. The Treasury Secretary, Janet Yellen, has announced her support for allowing the cannabis industry to have access to traditional banking. She reported that it would help the IRS collect tax money from the cannabis industry. In fact, the IRS has supported this, stating that the market is likely to grow. In fact, they even offered tips for the businesses, in order to help them stay compliant with the taxes.
With more groups working to push forward these banking reforms, those that have been standing in the way of them are slowly getting more and more outnumbered. With all of the different options available, lawmakers are having less and less reasons to refuse to accept these reforms.
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