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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Financial Services
      House Committee on the Judiciary
      Crime, Terrorism, Homeland Security, and Investigations
    IntroducedJuly 10th, 2013

What is it?

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.

Impact

Marijuana-users, legitimate marijuana-businesses, banks, and federal bank regulators.

Cost

A CBO cost estimate is unavailable.

More Information

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 illegal.


Media:

Bill Sponsor Rep. Ed Perlmutter (D-CO) Press Release

Huffington Post

Forbes

(Photo Credit: Flickr user MarijuanaConnections.com)

AKA

Marijuana Businesses Access to Banking Act of 2013

Official Title

To create protections for depository institutions that provide financial services to marijuana-related businesses.

    The war on drugs is a failure. Marijuana is safer than alcohol and will never be eliminated from society. Tax it, regulate it and stop arresting for possession of 1 ounce or less.
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    Get the federal government out of our lives and bank accounts.
    Like (7)
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    Legalize recreational marijuana at the federal level.
    Like (5)
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    I voted yes on this because I would like that non-getting-high medical MJ for those seizure and epilepsy patients (especially children) legalized in the U.S. I also think is you are REALLY dying and need it for pain control (or getting high - who cares if you are going to be dead in a year or less) you should be able to us MJ (but have a restricted driver's license). Therefore, if used for these two legal applications, the businesses need to deposit their money, get small business loans, do pay role (or whatever) just like the rest of us. I am AGAINST any other use of MJ.
    Like (3)
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    Keep the Feds out of a State issue.
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    Get this money into the banking system already!!
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    Everyone else has their money in there.
    Like (1)
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    Banks should not fund illegal drug trade. I hope people realize that the cartels in Mexico smuggle in US marihuana to fund their armies in addition to the drastic public health risks the legalization in 2 states has caused. Marijuana is illegal under federal law and that law should be respected.
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    It's illegal. They shouldn't have bank accounts for illegal substances.
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    The government needs to allow financial agency's exemption from marijuanas schedule 1. Financial agency's need to allow pot businesses to get accounts it would make dispensaries safer.
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    Allowing pot distributors to use American bank accounts will be a good idea for obvious reasons.
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    So you are all about collecting revenue from these businesses but they cannot have a bank account? Let's apply common sense here.
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    They need this for safety!
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    It makes it very difficult having a legal cannabis business when you can't legally open and use a bank account. Let's all get on board with lifting our cannabis businesses up out of the shadows. This plant is changing lives, lifting moods and a great economic boost to those states that have legalized medical and recreational cannabis.
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    The war on drugs failed. For real alcohol is way worse than marijuana and we've been able to get trashed on vodka legally.
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    This is not funding for the illegal drug trade, it is banks being used for legal marijuana enterprises. It's sad that legal distributors have problems on account of this.
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    I don't see the problem with having bank accounts for marijuana businesses.
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    The war on drugs should come to and end. Then they wonder why people do things side ways.
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    Why not the, drug companies push drugs off on us that kill us.
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    ABSOLUTLY!!!
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