A bipartisan group of Senate lawmakers are pushing legislation that would limit potential legal ramifications for banks interested in financing the marijuana industry in states where it is legal.
As specified by the bill, a depository institution shall not, under federal law, be liable or subject to forfeiture for providing a loan or other financial services to a legitimate marijuana-related business.
The bill, which is co-sponsored by Alaska Republican Sen. Lisa Murkowski and Democrat Sen. Jeff Merkley of Oregon, was introduced this month as an amendment to a sweeping reform bill that undos many of the provisions of the 2010 Dodd-Frank Act. That measure - sponsored by Republican Senator Mike Crapo of Idaho - passed the Senate last week without the cannabis protections included.
