A dozen Republican members of the U.S. House of Representatives are urgingU.S. Senate Banking Committee Chair Mike Crapo to oppose legislationthat would allowfinancial institutions to provide banking services to the marijuana industry.
The bill would enable financial institutions to serve cannabis-related businesses without fear of federal reprisal.
Crapo, a Republican from Idaho, is considering his own, more restrictive version of the SAFE Banking Act.
The 12 Republicans wrotein a letter to Crapo that they have reservations with the unprecedented approach of allowing banking access for a Schedule 1 drug, in addition to increasing investment in marijuana enterprises even as they remain federally illegal.
In January, the four lead sponsors of the successful cannabis banking bill in the House sent their own letter to Crapo asking him to move the issues forward in the Republican-controlled Senate.
That letter was signed by two Democrats and two Republicans.
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Originally posted on Republican legislators urge key US Senator to oppose marijuana banking via Cannabis Industry News
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