Congress Members Urge Change in Banking Rules for Medical Marijuana Providers

May 25, 2010

banking, Barney Frank, Congress, Jared Polis, Jose Serrano, Obama, Obama administration

Last Friday, Congressman Jared Polis (D-CO) sent a letter to the U.S. Treasury Department urging the Obama administration to address a problem affecting numerous medical marijuana providers in states like California and Colorado. Specifically, due to existing federal law, these providers are having difficulty establishing accounts with banking institutions. “Legitimate state-legal businesses are being denied access to banking services, which does not serve the public interest,” the letter stated.

The Marijuana Policy Project recognized this growing problem and worked diligently behind the scenes with Rep. Polis's office to devise an effective lobbying strategy. The letter issued on Friday and signed by 15 members of Congress, including House Financial Services Committee Chairman Barney Frank (D-MA), House Appropriations Financial Services Subcommittee Chairman Jose Serrano (D-NY), was a result of those efforts.

With medical marijuana providers now operating in numerous states, this issue must be resolved. These are taxpaying entities and they must have access to secure and reliable banking institutions in order to operate efficiently and properly. We are proud of our role in helping to resolve this issue and we thank Congressman Polis and other stalwart supporters in Congress for their incredible and lasting commitment to protecting medical marijuana patients and their caregivers.