Sending Office: Honorable Ed Perlmutter
Deadline: Wednesday, March 14 COB
We invite you to join us in sending a letter to the Financial Services and General Government Appropriations Subcommittee requesting the “Heck-Perlmutter” language be included in the FY19 appropriations bill. The language would prevent the Department of
Treasury from using any funds appropriated by Congress to penalize a financial institution solely because the institution provides services to cannabis related business when licensed by a state or locality.
Today, 46 states and the District of Columbia allow for some level of cannabis use. Current law restricts banks and credit unions from serving cannabis businesses, even with products as simple as savings accounts or payroll checks. Forcing these businesses
to deal only in cash creates a public safety risk, makes tracking revenue more difficult for tax purposes, and allows more money to pass to the grey and black markets. This language would protect banks and credit unions who choose to serve cannabis businesses.
For more information or to sign on to the letter, please contact Colin Anonsen in Rep. Perlmutter’s office at firstname.lastname@example.org.
March 19, 2018
The Honorable Tom Graves The Honorable Mike Quigley
Chairman Ranking Member
Subcommittee on Financial Subcommittee on Financial
Services and General Services and General
Government Appropriations Government Appropriations
2078 Rayburn HOB 2458 Rayburn HOB
Washington, DC 20515 Washington, DC 20515
Dear Chairman Graves and Ranking Member Quigley:
We write to support the inclusion of bipartisan language in the FY19 Financial Services & General Government appropriations legislation that affords marijuana businesses access to banking services.
There is significant support in both chambers to enable financial institutions to provide services for state-licensed and well-regulated marijuana business. This proposed language would only protect banks and credit unions doing business with legal
marijuana businesses engaged in activity pursuant to state or local law and would go a long way in aligning federal and state law to help solve the marijuana banking crisis confronting the 46 states that have chosen to allow some form of cannabis sales.
Currently, cannabis businesses operating under state laws with legalized medicinal or adult-use marijuana have largely been denied access to the banking system because financial institutions that provide them services can be sanctioned or shut down under
federal law. Without the ability to access bank accounts, accept credit cards, or write checks, businesses must operate using large amounts of cash. This creates a public safety risk for both the marijuana businesses and their surrounding communities.
We ask the subcommittee to include the following language in its FY19 appropriations bill:
None of the funds made available in this Act may be used to penalize a financial institution solely because the institution provides financial services to an entity that is a manufacturer, producer, or a person that participates in any business or organized
activity that involves handling marijuana, marijuana products, or marijuana proceeds, and engages in such activity pursuant to a law established by a State or a unit of local government.
Thank you for your consideration and your assistance in solving this important issue facing our states.
Ed Perlmutter Denny Heck
e-Dear Colleague version 2.0