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Revised Pot Banking Act Would Aid Legal Hemp Industry

Sept. 19, 2019, 10:04 PM

A new version of a House bill to help banks do business with the cannabis sector has two sweeteners intended to win over Senate Republicans: protections for banking the legalized hemp industry and prohibitions on federal regulators strong-arming banks into dropping politically disfavored clients.

The second measure is an olive branch to Republicans, including Senate Banking Committee Chairman Michael Crapo (R-Idaho), who have criticized an Obama administration effort, known as Operation Choke Point, that allegedly involved federal banking regulators pressuring banks to drop clients in certain politically disfavored industries, such as gun makers or payday lenders.

The anti-Operation Choke Point...

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