Federal lawmakers asked for Treasury Secretary Steve Mnuchin’s take on cannabis banking solutions during an April 9 House appropriations subcommittee hearing, as Marijuana Moment first reported. The back-and-forth picked up the general sense of momentum following the SAFE Banking Act’s passage out of the House Financial Services Committee in late March.
“There is not a Treasury solution to this,” Mnuchin said. “There is not a regulator solution to this. If this is something that Congress wants to look at on a bipartisan basis, I’d encourage you to do this. This is something where there is a conflict between federal and state law that we and the regulators have no way of dealing with.”
Rather than getting into the question of federal legalization or rescheduling of cannabis via the Controlled Substances Act, Mnuchin pointed to a legislative fix aimed squarely at banking protections for the fragmented industry. The SAFE Banking