USA: Perlmutter amendment on pot banking is blocked by congressional panel

Article by Monica Mendoza, Denver Business Journal

Republicans on the U.S. House of Representatives’ Rules Committee have blocked an amendment that would have banned federal regulators from penalizing banks and credit unions for providing banking services to marijuana businesses.

The amendment was filed Monday by U.S. Reps. Ed Perlmutter, D-Golden, and Denny Heck, D-Washington state, as part of the Fiscal Year 2017 Financial Services and General Government Appropriations Act, HR 5485.

Following Wednesday’s committee action, a disappointed Perlmutter said the amendment would have allowed legitimate marijuana-related businesses operating according to state laws to access the banking system in an effort to reduce the risks and public safety concern of operating as a cash-only business.

He noted the amendment was blocked just days after a security guard was killed at a marijuana dispensary in Aurora.

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