During a Ways & Means Committee hearing today, Congressman Earl Blumenauer (OR-03) pressed Treasury Secretary Steven Mnuchin to preserve the Financial Crimes Enforcement Network (FinCEN) guidance allowing banks to open accounts for marijuana growers, processors, and retailers. The guidance is currently under review by FinCEN following the rescission of the Cole Memo in January 2018 by the Department of Justice.
You can watch the exchange between Congressman Blumenauer and Secretary Mnuchin here.
Excerpt of Congressman Blumenauer’s remarks:
“There is this air of uncertainty about access to banking services. The Obama administration issued some guidance to allow banks to open accounts for people who grow, process, and [provide] retail sales of marijuana. But still there are many of them who don’t have access to banking services. It is a threat to public safety, [an invitation for tax evasion, money laundering, and theft]. I hope there would be a way for us to work together to seek further clarification and improvement. I would welcome an expression today if you’re supporting it. … But I would hope at a minimum we can work with our committee to try to develop with you appropriate rules for tax and banking for the cannabis industry.”
Source: E-mailed press release from Congressman Blumenauer’s office