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Republican support for the cannabis banking bill is dependent on language preventing a revival of the Obama-era “Operation Choke Point.”
Republicans were on the cusp of helping Democrats pass a landmark cannabis bill. Now a GOP feud over guns, oil and cryptocurrency may blow it all up.
The bill at issue — more than a decade in the making — is designed to make it easier for banks to serve the marijuana industry in states where the drug is legal. But Republicans are threatening to sink the measure over what was meant to be a conservative sweetener: a set of protections for businesses like gun sellers and other industries GOP lawmakers say face unfair scrutiny under Democratic administrations.
The provision would prevent regulators from forcing banks to close the accounts of customers that pose risks to their reputation. And now, on the eve of a Senate committee vote Wednesday, a fierce GOP disagreement over whether the protections are strong enough to protect firearms, energy and crypto businesses is threatening to erode Republican support in the Senate and make the bill unpalatable to the House.
The feud imperiling the bill underscores the immense political challenge that Washington policymakers face in easing federal cannabis restrictions even on the edges, despite 38 states legalizing some form of marijuana. The legislation has received a powerful lobbying boost from lenders. But the latest roadblock raises doubts about the future of other incremental steps to resolve the federal-state disconnect over the legality of the drug. It’s also triggered concerns from Democrats who want more comprehensive cannabis decriminalization. [Read More @ Politico]
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