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Marijuana Banking Overhaul Removed from China Competition Bill

June 23, 2022, 5:58 PM

Lawmakers have dropped language aimed at making banking services easier for state-authorized marijuana businesses from a bill on US innovation and China competitiveness.

The broad House-passed legislation included the SAFE Banking Act, which would prohibit federal banking regulators from penalizing depository institutions for providing banking services to legal cannabis businesses. Opponents have resisted attaching the provision, stripping it from a slimmed-down compromise version of the competition bill that’s now being drafted.

“The Senate continues to ignore the public safety risk of forcing cannabis businesses to deal in all-cash,” Colorado Democrat Ed Perlmutter, the House sponsor of the SAFE Banking ...