PORTLAND, Ore.–Three members of Congress, including both of this state’s senators, held a press conference at Rivermark Community Credit Union here to call for passage of laws that would ensure legal marijuana businesses can access banking services.
U.S. Sen. Jeff Merkley (D-OR), Sen. Ron Wyden (D-OR) and Rep. Earl Blumenauer (D-Portland) all attended the event.
“There’s a reason most of us don’t walk around with thousands of dollars of cash stuffed in our backpacks,” Merkley said. “It’s an invitation to crime and malfeasance. But that’s what we are forcing legal Oregon businesses to do because financial institutions are prohibited from providing services. That must change.”
Wyden expressed similar sentiments, adding, “Federal banking laws must respect Oregonians’ voice with updated regulations so upstanding owners of small businesses that are legal in our state aren’t relegated into acting like thieves in the night skulking around with sacks full of cash.”
All three members of Congress support legislation that would prevent banking regulators from penalizing, prohibiting or discouraging a bank from providing financial services to a state-sanctioned and regulated marijuana business. It would also not allow the federal government to revoke a bank’s federal deposit insurance solely because it provides service to legal marijuana businesses.
Rivermark CEO Scott Burgess told local media his credit union doesn’t do business with marijuana-related businesses, but it would consider doing so if federal legal issues were resolved.