Pot Banking Bill Receives Backing From US Senate Committee

The Senate Banking Committee backed legislation that would offer federal protections to banks that offer financial services to cannabis businesses, which is still against federal law despite being legal in many states.

Senate Majority Leader Chuck Schumer said Wednesday he plans to bring the bill to a Senate floor vote “as quickly as possible.”

The measure, which passed in the committee 14 to 9, has been billed as improving safety for cannabis-based businesses that must now rely on cash, making them targets for crime.

“For too long cannabis businesses have been forced to rely primarily on cash transactions,” Schumer said. ...