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house Bill H.R. 2652

Bank Accounts For Marijuana Businesses

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.

Jim's Opinion
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05/15/2015
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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Thomas's Opinion
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11/11/2016
Get the federal government out of our lives and bank accounts.
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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.

DCPolitical's Opinion
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06/18/2015
It's illegal. They shouldn't have bank accounts for illegal substances.
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A's Opinion
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05/21/2015
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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bill Progress


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

What is House Bill H.R. 2652?

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 of House Bill H.R. 2652

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.
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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.
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    Get this money into the banking system already!!
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    Keep the Feds out of a State issue.
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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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    But not until legalization takes place.
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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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    All cash is way too dangerous
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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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    We sanction all kinds of things that not everyone agrees with. This is not a popularity contest but a common sense approach to a long overdue problem, namely senseless prohibition.
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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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    How can you tax them if they don't have banks?
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    Banks are not going to risk violating federal law, and who can blame them. Congress told the DEA to STOP raiding state legal MMJ businesses but they still continue to this day. If you were a bank, would you trust the word of the government without laws in place? Of course not.
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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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    Businesses operating in compliance with their state laws should not be at risk of tampering or any punitive actions at the federal level. They should be entitled to the same opportunities as any other legal business.
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