House Approves Amendment to Allow Financial Institutions to Work With Marijuana Businesses
This afternoon, the House of Representatives voted 231 to 192 in favor of the Heck-Perlmutter-Lee-Rohrabacher Amendment, which will restrict Treasury Department and SEC funds from being spent to penalize financial institutions for providing services to marijuana related business that operate according to state law. This proposal amends H.R. 5016, a spending bill for fiscal year 2015 that funds the Internal Revenue Service, Treasury Department, and Securities and Exchange Commission.
The amendment reads:
“None of the funds made available in this Act may be used, with respect to the States of Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Illinois, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, Oregon, Rhode Island, South Carolina, Tennessee, Utah, Vermont, Washington, or Wisconsin or the District of Columbia, to prohibit, penalize, or otherwise discourage a financial institution from providing financial services to an entity solely because the entity is a manufacturer, producer, or person that participates in any business or organized activity that involves handling marijuana or marijuana products and engages in such activity pursuant to a law established by a State or a unit of local government.”
This vote comes on the heels of another recent historic vote in the House of Representatives, that restricted Department of Justice and DEA funds from being used to interfere in state approved medical marijuana programs. That measure is still awaiting action in the US Senate. This measure, HR 5106, will now be sent to the Senate as well.
“The recent votes in the House of Representatives demonstrate bi-partisan support at the federal level to allow states to experiment with new marijuana policies, free from federal interference,” stated NORML Communications Director Erik Altieri, “If implemented, this amendment will help alter the current untenable status quo that forces otherwise law abiding businesses to operate on a cash only basis, making them a target for criminal actions and unduly burdening their operations.” July 16, 2014