The chair of a crucial U.S. Senate committee declined Tuesday to commit to thinking about legislation that would deliver federal protections to monetary institutions serving state-legal cannabis companies, which is dubbed the Protected Banking Act.
Sen. Mike Crapo, a Republican from Idaho, created the comments – as reported by Politico in a tweet – at a meeting of the Independent Neighborhood Bankers of America.
— POLITICO Pro (@POLITICOPro) April 30, 2019
Crapo’s comments are not typically noticed as a surprise provided that cannabis business watchers have extended viewed the Republican-controlled Senate as the largest hurdle for the measure, regardless of the reality that 5 Senate Republicans are now on board as cosponsors.
In late March, a Property panel sophisticated the Safe And Fair Enforcement (Protected) Banking Act, which has 168 co-sponsors in the Democratic-controlled Property, like 18 Republicans. The measure is anticipated to get a complete Property vote by June.