Holder: We’re Going To Make It Easier For Banks And Pot Industry

I think he’s forgetting that little thing that the Congress makes the laws, and they determined that it is illegal for banks to do business with drug dealers

(Politico) The Obama administration will soon announce regulations to make it easier for banks to do business with legal marijuana sellers, Attorney General Eric Holder said Thursday.

“You don’t want just huge amounts of cash in these places. They want to be able to use the banking system,” Holder said during an appearance at the University of Virginia’s Miller Center. “There’s a public safety component to this. Huge amounts of cash—substantial amounts of cash just kind of lying around with no place for it to be appropriately deposited is something that would worry me, just from a law enforcement perspective.”

While Holder spoke twice of new “regulations” that were being prepared, a Justice Department spokesman said later that the attorney general was referring to legal “guidance” for prosecutors and federal law enforcement. Such a legal memo wouldn’t be enforceable in court and would amount to less than the kind of clear safe harbor many banks say they would want before accepting money from pot businesses.

What this looks like is that the lawless Obama admin is once again going to ignore the law. I’m betting most financial institutions are still going to refuse to business with marijuana companies. No one ever knows if Team Obama will turn on them.

Regardless of what they want, marijuana is still a Schedule I drug, and no amount regulation or guidance will override the federal drug banking Las.

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One Response to “Holder: We’re Going To Make It Easier For Banks And Pot Industry”

  1. Springy_Gumballs says:

    Holder has already shown that he does not value laws or his responsibility as our nations top cop. If we don’t fire him, or have him arrested, then our country is no longer based upon laws. Time is growing short for action.

    There is no legal foundation for him to remain in office

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