Pubdate: Thu, 23 Jul 2015
Source: Pueblo Chieftain (CO)
Copyright: 2015 The Associated Press
Contact:  http://www.chieftain.com/
Details: http://www.mapinc.org/media/1613

SENATE PANEL WOULD ALLOW MARIJUANA VENDORS TO USE BANKS

WASHINGTON (AP) - A Senate panel voted Thursday to make it easier for 
businesses that legally produce and sell marijuana to do business 
with banks and other financial services providers.

The Senate Appropriations Committee approved, by a 16-14 vote, an 
amendment that would effectively ease laws making it officially 
illegal for banks to handle money from marijuana vendors. The laws 
have resulted in a situation in which many marijuana vendors have 
typically had to use cash to conduct their business.

The legislation was added to a Treasury funding measure by Oregon 
Democrat Jeff Merkley, whose state is among four in the nation where 
voters have adopted referendums permitting the sale of pot for 
recreational use.

The language had passed the House last year but was taken out during 
talks with the Senate but has yet to consider the underlying spending 
bill this year.

Three Republicans on the Senate panel - Lisa Murkowski of Alaska, 
Bill Cassidy of Louisiana, and Steve Daines of Montana - voted for 
the amendment. Dianne Feinstein of California was the only panel 
Democrat to oppose it.

The Treasury and Justice departments have issued guidance intended to 
address the situation even as the law remains officially unchanged, 
but many banks remain skittish about doing business with 
marijuana-related companies. Four states allow sales of marijuana for 
recreational use, and 23 states and the District of Columbia permit 
medical marijuana.

The committee's vote comes as attitudes among lawmakers on marijuana 
are loosening somewhat as more states allow its use. The Justice 
Department, for instance, is blocked from cracking down on medicinal 
pot vendors and users under restrictions placed by lawmakers into its 
current budget. They would need to be renewed to remain in place.
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MAP posted-by: Jay Bergstrom