Titus Calls for Increased Access to Banks for Medical Marijuana Industry

Jul 16, 2014
Floor Statements

July 16, 2014 

Washington, D.C. – Yesterday Congresswoman Dina Titus of Nevada’s First District spoke on the House Floor in support of Congressman Denny Heck’s (WA-10) amendment to the Financial Services and General Government Appropriations Act, which allows legitimate marijuana-related businesses operating according to state laws to access the banking system in an effort to reduce the risks and public safety concern of operating as a cash-only business. The amendment stops federal banking regulators from penalizing financial institutions for providing services to marijuana-related business that operate according to state law. It passed the House today 231-192.

“I rise in support of this amendment. The medical marijuana industry is rapidly taking root in Nevada. 
“Our local governments are developing regulations and issuing licenses as we speak.  
“Yet representatives of this exciting industry continue to raise the same concern - lack of access to banks, which is critical for the safe operation of any small business.
“This common sense measure would respect states’ rights, add more transparency, facilitate regulation, protect the public, and foster the growth of small business.
“I urge your vote in favor.”

A similar amendment to the Commerce, Justice, and Science Appropriations Bill, sponsored by Congresswoman Titus, which prohibited the Justice Department from interfering in legally-operating, marijuana businesses passed the House 219-189 on May 30, 2014.