Fed branch chief hears pot-biz banking woes
Federal Reserve Bank of Kansas City president Esther George on Thursday listened intently to a group of 20 businessmen, bankers and government officials who talked about the troubling lack of banking services available to the marijuana industry.
According to the Denver Post, George offered little indication how the dilemma could be resolved because the Federal Deposit Insurance Corp. backs bank deposits and possession of marijuana remains illegal under federal law. The details are here.
Federal Reserve Bank of Kansas City president Esther George on Thursday listened intently to a group of 20 businessmen, bankers and government officials who talked about the troubling lack of banking services available to the marijuana industry.
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According to the Denver Post, George offered little indication how the dilemma could be resolved because the Federal Deposit Insurance Corp. backs bank deposits and possession of marijuana remains illegal under federal law. The details are here.
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