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2021-04-20

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U.S. House of Representatives approves cannabis banking bill

April 19 (Reuters) - The U.S. House of Representatives on Monday passed legislation that would allow

U.S. House of Representatives approves cannabis banking bill

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. House of Representatives approves cannabis banking bill\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-04-20 07:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>April 19 (Reuters) - The U.S. House of Representatives on Monday passed legislation that would allow banks to provide services to cannabis companies in states where it is legal, a step towards removing what analysts say is a barrier to development of a national industry.</p><p>Lawmakers voted 321-101 to approve the bill and send it to the Senate.</p><p>The bill clarifies that proceeds from legitimate cannabis businesses would not be considered illegal and directs federal regulators to craft rules for how they would supervise such banking activity.</p><p>Banks have generally been unwilling to do business with companies that sell marijuana or related products, fearing they could run afoul of federal laws.</p><p>That has left companies in the marijuana industry with few options, including relying on just a handful of small financial institutions or doing business in cash.</p><p>The American Bankers Association has lobbied aggressively for the \"SAFE Banking Act\" bill.</p><p>\"Banks find themselves in a difficult situation due to the conflict between state and federal law, with local communities encouraging them to bank cannabis businesses and federal law prohibiting it,\" the group wrote in a letter to lawmakers on Monday. \"Congress must act to resolve this conflict.\"</p><p>Thirty-six states have legalized medical cannabis while 17 states now allow adult use, according to the National Conference of State Legislatures.</p><p>Senate Majority Leader Chuck Schumer, in an early-April interview with Politico, said he would try to advance legislation legalizing marijuana use for adults. 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