Geithner Urged by Congress for Bank Rules on Medical Marijuana

[MNeagle]

May 24 (Bloomberg) -- U.S. Representative Barney Frank is among 15 members of Congress pushing the Treasury Department to set rules that would help banks provide financial services to medical marijuana dispensaries.

“Legitimate state-legal businesses are being denied access to banking services, which does not serve the public interest,” the lawmakers said in a May 20 letter to Treasury Secretary Timothy F. Geithner that was distributed today by Americans for Safe Access, a patient-advocacy group.

The letter was written by Representative Jared Polis, a Colorado Democrat whose state is one of at least 14 that have legalized marijuana for medical use. It asks the Treasury to issue “formal written guidance” assuring banks they won’t be targeted for doing businesses with companies that distribute medical marijuana.

Wells Fargo & Co. and Bank of America Corp. are among U.S. lenders that have stopped opening new accounts for companies that provide medical marijuana because cannabis consumption and distribution are illegal under federal law. Treasury spokesman Andrew Williams didn’t have an immediate comment.

“If states want to make it legal or not, it should be a state matter,” Frank said in a telephone interview today. “It’s wrong for the banks to be told by Treasury they can’t service them the way they would service any other business.”

‘No Choice’

Frank, a Massachusetts Democrat and chairman of the House Financial Services Committee, signed the letter with 12 Democrats and two Republicans, including Representatives Ron Paul of Texas and Dana Rohrabacher of California, where voters in November will decide whether to legalize marijuana for recreational use.

Democrats signing the letter include Sam Farr, Pete Stark, Lois Capps, Brad Sherman, Linda Sanchez and Zoe Lofgren, all of California; Steven Cohen of Tennessee; Jose Serrano of New York; Raul Grijalva of Arizona; Donald Payne of New Jersey; and Tammy Baldwin of Wisconsin.

“We really have no choice as long as it’s illegal, especially illegal and unlawful activity as far as money- laundering is concerned,” Shirley Norton, a spokeswoman for Charlotte, North Carolina-based Bank of America, said in an interview last month. “We’re not making a moral decision here. We’re really basing it on the law.”

http://www.bloomberg.com/apps/news?pid=20601087&sid=atsyhflfy.JY&pos=9

[gunDriller]

“We really have no choice as long as it’s illegal, especially illegal and unlawful activity as far as money- laundering is concerned,” Shirley Norton, a spokeswoman for Charlotte, North Carolina-based Bank of America, said in an interview last month. “We’re not making a moral decision here. We’re really basing it on the law.”

http://www.bloomberg.com/apps/news?pid=20601087&sid=atsyhflfy.JY&pos=9


in California it's taxed and dispensaries require medical marijuana growers to fill out 1099's which means giving their SSN to the government.

that's not money-laundering - they're making money growing a drug that people find useful - and paying taxes on it.

but if Bank of America has a problem with it ... well actually i think the banking system needs drug money cash to survive. but they have to talk a good game to keep illusions alive.

[I am me, I am free]

“We really have no choice as long as it’s illegal, especially illegal and unlawful activity as far as money- laundering is concerned,” Shirley Norton, a spokeswoman for Charlotte, North Carolina-based Bank of America, said in an interview last month. “We’re not making a moral decision here. We’re really basing it on the law.”

http://www.bloomberg.com/apps/news?pid=20601087&sid=atsyhflfy.JY&pos=9


in California it's taxed and dispensaries require medical marijuana growers to fill out 1099's which means giving their SSN to the government.

that's not money-laundering - they're making money growing a drug that people find useful - and paying taxes on it.

but if Bank of America has a problem with it ... well actually i think the banking system needs drug money cash to survive. but they have to talk a good game to keep illusions alive.


It appears you've fallen into that matrix trap - pot is NOT a 'drug'!!! Drugs are man-made, MJ is a naturally occurring substance, a creation of the Creator. Hashish and hash oil OTOH are in fact 'drugs'.

[cedarchopper]

“We really have no choice as long as it’s illegal, especially illegal and unlawful activity as far as money- laundering is concerned,” Shirley Norton, a spokeswoman for Charlotte, North Carolina-based Bank of America, said in an interview last month. “We’re not making a moral decision here. We’re really basing it on the law.”

http://www.bloomberg.com/apps/news?pid=20601087&sid=atsyhflfy.JY&pos=9


in California it's taxed and dispensaries require medical marijuana growers to fill out 1099's which means giving their SSN to the government.

that's not money-laundering - they're making money growing a drug that people find useful - and paying taxes on it.

but if Bank of America has a problem with it ... well actually i think the banking system needs drug money cash to survive. but they have to talk a good game to keep illusions alive.


It appears you've fallen into that matrix trap - pot is NOT a 'drug'!!! Drugs are man-made, MJ is a naturally occurring substance, a creation of the Creator. Hashish and hash oil OTOH are in fact 'drugs'.


Some of these genetically modified hybrids sure do seem like a drug to me ;] I don't smoke anymore, this being one of the reasons.

[zusn]

They're setting the stage for it's legalization. The bankers and the taxman are just hashing out the details. Once they figure out how to get their cut, game on.

[I am me, I am free]

They're setting the stage for it's legalization. The bankers and the taxman are just hashing out the details. Once they figure out how to get their cut, game on.


Taxing a naturally occurring flower/weed?

Get thee behind me Satan (kiss my ass).

[mick silver]

so i can grow it on my farm and not go to jail ... yahooooooooooooooo .. we all know big money man want his cut

[zusn]

They're setting the stage for it's legalization. The bankers and the taxman are just hashing out the details. Once they figure out how to get their cut, game on.


Taxing a naturally occurring flower/weed?

Get thee behind me Satan (kiss my ass).
Just wait till the Monsanto MJ seed comes out and they start harassing pot farmers like they do with their other GM seed crops.

[cigarlover]

It appears you've fallen into that matrix trap - pot is NOT a 'drug'!!! Drugs are man-made, MJ is a naturally occurring substance, a creation of the Creator. Hashish and hash oil OTOH are in fact 'drugs'.

I dont follow the logic there. Hash is nothing more than the trichomes taken from the leaves of the plant. Nothing added or subtracted there. Hash oil is processed trichomes but nothing is added to it and whatever is used to harvest thre trichs is dissipated in the process of creating the oil. However since is does need to be processed I have mixed emotions on if it is a drug or not.



Some of these genetically modified hybrids sure do seem like a drug to me ;] I don't smoke anymore, this being one of the reasons. None of these hybrids are genetically modified. They are hybrids. Simply put its taken male pollen from one plant and crossing it with a selected female. All very natural for the most part unless you take a female plant and reverse it with colloidial silver to a male to gather pollen to make a cross from that. Still doing things with pollen and a mother though. Just not in tune with nature so to speak. In any event I wouldnt say any of it is genetically modified.

[cigarlover]

Back on topic.. I think states should introduce state banks and medical growers can put their money in there. No need to get the feds involved.

[I am me, I am free]

It appears you've fallen into that matrix trap - pot is NOT a 'drug'!!! Drugs are man-made, MJ is a naturally occurring substance, a creation of the Creator. Hashish and hash oil OTOH are in fact 'drugs'.

I dont follow the logic there. Hash is nothing more than the trichomes taken from the leaves of the plant. Nothing added or subtracted there. Hash oil is processed trichomes but nothing is added to it and whatever is used to harvest thre trichs is dissipated in the process of creating the oil. However since is does need to be processed I have mixed emotions on if it is a drug or not.



Some of these genetically modified hybrids sure do seem like a drug to me ;] I don't smoke anymore, this being one of the reasons. None of these hybrids are genetically modified. They are hybrids. Simply put its taken male pollen from one plant and crossing it with a selected female. All very natural for the most part unless you take a female plant and reverse it with colloidial silver to a male to gather pollen to make a cross from that. Still doing things with pollen and a mother though. Just not in tune with nature so to speak. In any event I wouldnt say any of it is genetically modified.


The distinction is that hash does not occur naturally, it requires some effort on the part of humans to produce it (concentrate it), just as it requires effort on the part of humans to produce cocaine from coca leaves, same with poppies.

[cigarlover]

I dont know how heroin is made but cocaine uses a chemical process whereas making hash only requires a little effort to get the trichomes off the bud and leaves.