U.S. Treasury Secretary Janet Yellen reiterated her support of marijuana banking legislation such as the SAFE Banking Act, which would allow financial institutions to work with state-regulated cannabis businesses even though they aren’t federally legal.
Yellen was asked about her position on the issue during a House of Representatives Appropriations subcommittee hearing, Reuters reported.
ADVERTISEMENT
“I think it’s a real problem, and it would be desirable to have legislation that alleviated this problem,” Yellen said.
The most recent iteration of the marijuana banking bill, rebranded as SAFER Banking, passed a markup hearing in the Senate Banking Committee in September.
The measure hasn’t received a full hearing in the Senate.
The SAFE Banking Act was first introduced in 2019.
ADVERTISEMENT
<!– /22025623895/mjbizdaily/mjbizdaily_in-article_med_rec_2
Read full article on Marijuana Business Daily
