Politico reports that Congress is getting closer to making it easier for banks to work with marijuana businesses in states that have legalized weed:
Their confidence follows action in the House on Wednesday, where Democrats and Republicans joined forces to pass an historic bill that would give legalized marijuana businesses access to banking services. Senate Republicans are expected to act as lawmakers face the inescapable reality of the 33 states and counting that have legalized marijuana in some form. The strongest indicator has come from the chairman of the Senate Banking Committee Mike Crapo (R-Idaho), who after months of weighing the issue said he wants to advance the legislation.
The underlying problem here is that while many states have legalized medical and even recreational pot, the substance remains illegal under federal law. This means the feds can crack down any time the executive branch decides to, and also that federally regulated businesses such as banks encounter all sorts of legal risks serving pot companies. The bill under consideration wouldn’t change the status of marijuana, but it would let banks work with weed companies in states where it’s legal.
This is an overdue step in the right direction. The federal government has a role in regulating interstate drug trafficking, but it has no business meddling in states’ own drug-policy preferences.