Editor’s Note: The McCarville Report is beginning a series of stories on the stances held by the Oklahoma Congressional Delegation concerning marijuana policy. Because Oklahoma is one of the latest in a majority of states to legalize cannabis in some form, interest is beginning to turn to federal policy. More than two dozen pieces of legislation have been filed in Congress this year. Our Senators and Representatives will likely come across these bills in committee and on floor debate and votes.
Congressman Frank Lucas sits on the House Financial Services Committee. H.R. 1595 by Congressman Ed Perlmutter has been assigned to that committee. It would create protections for depository institutions that provide financial services to cannabis-related businesses which have been legalized on the state level. As Oklahoma cannabis business owners have discovered, the medical marijuana industry is mostly a cash based business due to lack of banking access.
“I have historically opposed access to the banking system for substances that are illegal under federal law. It’s obvious there is a growing consensus to protect small businesses and financial institutions who provide banking services to licensed marijuana businesses. While I think it will pass the U.S. House of Representatives, I can’t predict H.R. 1595’s future in the U.S. Senate,” Lucas told The McCarville Report.
Oklahoma’s District Three Congressman leaves the door open when it comes to what his constituents and the financial industry want for federal banking policy concerning legalized marijuana.
“I have had a number of discussions with local and federal stakeholders within the financial services industry voicing support for this piece of legislation. I’ll continue to hear their concerns as Congress further addresses the existing regulatory structure of the cannabis banking industry,” said Lucas.
So far, H.R. 1595 has 134 co-sponsors. In addition to being assigned to the Financial Services Committee, the bill has been referred to the Committee on the Judiciary.
The McCarville Report has reached out to the entire Oklahoma Congressional Delegation for their stances on federal marijuana policy and the legislation aimed at changing it. We will publish more stories as those responses are given to us.
