Treasury Secretary Steven Mnuchin encouraged Congress to find a bipartisan solution to conflicting state and federal laws on cannabis regulation.
Testifying before a House Appropriations subcommittee
, Mnuchin said the IRS has built specific rooms to hold cash from cannabis-related businesses that operate on a cash basis because they lack access to the banking system.
ICBA-supported legislation to establish a cannabis-banking safe harbor passed
the House Financial Services Committee by a bipartisan vote last month.
The Secure and Fair Enforcement Banking Act (H.R. 1595) would apply to financial institutions and ancillary companies that serve cannabis-related businesses in states where cannabis is legal.