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State Regulators Appeal to Congress on MRB Banking

08/24/2018

Harrisburg, PA - Secretary of Banking and Securities Robin L. Wiessmann is leading a coalition of financial regulators from several states asking Congressional leaders to consider legislation that creates a safe harbor for financial institutions to serve businesses operating legally under state law or entrusts states with the full oversight and jurisdiction of marijuana-related activity.

Wiessmann and regulators from 12 other states today sent a letter to Congress describing the well-documented conflict between federal and state law, which has created barriers for financial institutions desiring to serve businesses involved in state-licensed marijuana activities. The regulators cite a lack of clarity by the federal government for how financial institutions can serve this industry, without the threat of forfeiture of assets or criminal penalties, which results in many transactions occurring in cash. They shared their concerns with respect to public safety, increased difficulty of tracking the flow of funds, and contributions to a loss of economic activity, workforce development, and community development opportunities.

“A majority of states now have medical marijuana programs and it has become increasingly necessary to craft policy to respond to emerging challenges in this rapidly growing industry,” stated Wiessmann in the letter to Congress. “We must work together to look for solutions rather than avoiding this challenge and ignoring the new policy landscape.”

The state bank supervisors’ marijuana letter can be found online: https://www.dobs.pa.gov/Documents/Secretary%20Letters/All%20Business/MM%20Coalition%20Letter%20082118.pdf

MEDIA CONTACT: Ed Novak - 717.783.4721

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