Janet Yellen Would Welcome Cannabis Banking Reform Legislation, Says It ‘May Be Necessary’
U.S. Treasury Secretary Janet Yellen said on Thursday that she would welcome legislation that would rectify the conflict between federal and state laws on the sale and use of cannabis, which is preventing cannabis companies from accessing the banking system.
Rep. Dave Joyce (R-OH), co-chair of the Congressional Cannabis Caucus, asked the Treasury Secretary at a House Appropriations subcommittee hearing about the years-long banking issues facing legal cannabis companies. “Can you tell me what is presently this administration’s position on” the Secure and Fair Enforcement Regulation (SAFER) Banking Act?
“I think we would potentially welcome legislation in this area that would clarify for banks what their responsibilities are,” Yellen replied, reported Reuters. “The fact that marijuana is outlawed by the federal government creates an impediment to (banks’) willingness to provide banking services, services to cannabis firms, and it creates all the problems that you’re familiar with.”
Rep. Joyce attended the Benzinga Cannabis Capital Conference in Miami in 2023. Other …