This page contains bill sponsorships in the Senate and House.
Bill sponsorships indicate the topics that legislators are most interested in, and spend the most time on.
Bill Sponsorship: immunity for banks offering services to marijuana businesses
Source: Marijuana Businesses Access to Banking Act
Congressional Summary:This bill provides a safe harbor for depository institutions providing financial services to a marijuana-related legitimate business insofar as it prohibits a federal banking regulator from:
Immunity from federal criminal prosecution or investigation is granted, subject to certain conditions, to a depository institution that provides financial services to a marijuana-related legitimate business in a state or one of its political subdivisions that allows the cultivation, production, manufacture, sale, transportation, display, dispensing, distribution, or purchase of marijuana.
- terminating or limiting the deposit or share insurance of a depository institution solely because it provides financial services to a marijuana-related legitimate business; or
- prohibiting, penalizing, or otherwise discouraging a depository institution from offering such services.
Argument in Favor:
[Cato Institute, March 31, 2016]: Marijuana is now legal under the laws of [several] states, but not under federal law. And this creates huge headaches for marijuana businesses:
Also see House version H.R.2076
- Two years after Colorado fully legalized the sale of marijuana, most banks here still don't offer services to the businesses involved.
- Financial institutions are caught between state law that has legalized marijuana and federal law that bans it. Banks' federal regulators don't fully recognize such businesses and impose onerous reporting requirements on banks that deal with them.
- Without bank accounts, the burgeoning pot sector can't accept credit or debit cards from customers.
Participating counts on VoteMatch question 19.
Question 19: Marijuana is a gateway drug
Scores: -2=Strongly oppose; -1=Oppose; 0=neutral; 1=Support; 2=Strongly support.
- Topic: Drugs
- Headline: Immunity for banks offering services to marijuana businesses
- Key for participation codes:
- Sponsorships: p=sponsored; o=co-sponsored; s=signed
- Memberships: c=chair; m=member; e=endorsed; f=profiled; s=scored
- Resolutions: i=introduced; w=wrote; a=adopted
- Cases: w=wrote; j=joined; d=dissented; c=concurred
- Surveys: '+' supports; '-' opposes.
participating in 16-S1726
||s1s||CO Republican Senate challenger||Jul 9, 2015|
||s1s||Nevada Republican (Resigned 2011)||Dec 8, 2015|
||s1s||KY Republican Jr Senator||Jul 9, 2015|
participating in 16-S1726
Total recorded by OnTheIssues: