Treasury Secretary Yellen renews support for marijuana banking reform

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U.S. Treasury Secretary Janet Yellen reiterated her support of marijuana banking legislation such as the SAFE Banking Act, which would allow financial institutions to work with state-regulated cannabis businesses even though they aren’t federally legal.

Yellen was asked about her position on the issue during a House of Representatives Appropriations subcommittee hearing, Reuters reported.

“I think it’s a real problem, and it would be desirable to have legislation that alleviated this problem,” Yellen said.

The most recent iteration of the marijuana banking bill, rebranded as SAFER Banking, passed a markup hearing in the Senate Banking Committee in September.

The measure hasn’t received a full hearing in the Senate.

The SAFE Banking Act was first introduced in 2019.

Yellen’s remarks weren’t the first time she has expressed support for marijuana banking reform.

The treasury secretary previously expressed frustration over delays in passing cannabis banking reform in 2022.