Bills Aim to Ease Banking Rules on Pot Businesses

Daily Herald (Arlington Heights, IL), March 19, 2019 | Go to article overview

Bills Aim to Ease Banking Rules on Pot Businesses


Byline: Peter Hancock Capitol News Illinois phancock@capitolnewsillinois.com

SPRINGFIELD -- Supporters of legalized marijuana in Illinois have launched efforts aimed at making it easier for legitimate businesses that sell the product to have bank accounts and accept credit card transactions.

State Treasurer Michael Frerichs, a Democrat, said Monday he supports legislation in the General Assembly that would prohibit state banking regulators from punishing banks or credit unions that provide basic banking services to legitimate cannabis-related businesses.

He also said he is joining with other state treasurers around the country in lobbying Congress for changes in federal laws that prohibit banks from doing business with the cannabis industry.

"The inability of the legal cannabis industry in Illinois to use a bank or credit union for basic services such as check writing, savings or access to capital is a sleeping giant," Frerichs said during a news conference in Chicago, joined by DuPage County State's Attorney Robert Berlin. "We have an industry that handles money hiding in the shadows because banking rules built decades ago have not kept up with changes in behavior and in law."

Illinois legalized the use of marijuana for certain medical conditions in 2015, and Frerichs said the business now accounts for $136 million a year in retail sales. State lawmakers this year are also considering legislation, which Gov. J.B. Pritzker supports, to legalize adult use of recreational marijuana.

But marijuana is still illegal in all forms under federal law, and it is also a violation of federal banking laws for any bank to knowingly engage in transactions involving proceeds generated from marijuana-related activity.

During the Obama administration, the Justice Department relaxed some of its enforcement of those laws, especially in states that had legalized at least some kinds of marijuana use, saying it would focus its resources on certain priorities, such as preventing the sale of marijuana to minors; preventing revenue from marijuana sales from going to criminal enterprises, gangs and cartels; and preventing the shipment of marijuana from states where it is legal to states where it is not. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Bills Aim to Ease Banking Rules on Pot Businesses
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.