The American Legislative Exchange Counsel (ALEC) a non-profit organization comprised of lawmakers and stakeholders in the private sector, introduced legislation for states to consider. The legislation concerns issues that have been plaguing the marijuana industry, particularly banking.
During the organization’s last session, its section on Commerce, Insurance, and Economic Development (CIE) addressed financial services and a draft resolution that pressed congress to enact common-sense federal laws that respect state law and promote public safety without compromising federal enforcement of anti-money laundering laws against criminal enterprises.”
On its current efforts, the organization tweeted about the task force,
@ALEC_states Commerce, Insurance and Economic Development Task Force will be reviewing several draft model policies, from occupational license reform for ex-offenders to banking for cannabis businesses. #ALECinATX #ALECideas
— American Legislative Exchange Council (@ALEC_states) August 15, 2019
The organization also issued a statement on the resolution on its website. The summary of the resolution reads,
“Congress has sole authority to solve the cannabis banking issue by enacting legislation that provides protections for depository institutions that offer financial services to cannabis related legitimate businesses and service providers for such businesses. Congress should enact common sense federal laws that respect state law and promote public safety without compromising federal enforcement of anti-money laundering laws against criminal enterprises.”
The ultimate goal of the organization’s proposal appears to be to provide access to banking services for cannabis and cannabis-related businesses, which have been struggling in acquiring financing from banks that are hesitant to deal with marijuana businesses. The organization does indicate in its online statement that the it is not is taking any position on the legalization of marijuana though. Marijuana is illegal under federal law.
The statement indicates,
“the American Legislative Exchange Council is not taking any position on the legalization of cannabis – medical or recreational, rather this resolution is focused on access to banking and financial services in states that have legalized cannabis.”
All information is for general informational and educational purposes only. Nothing should be interpreted as legal or wellness advice.