OLYMPIA, Wash. (AP) — The governors of Washington and Colorado are asking the federal government for changes in banking regulations to allow marijuana-related banking and the states continue implementing their voter-approved legal marijuana industries.
A letter was sent Wednesday from Washington state Gov. Jay Inslee and Colorado Gov. John Hickenlooper to federal banking regulators.
They wrote that access to the banking system by soon-to-be state-licensed businesses “is a necessary component” to ensure a highly regulated system.
The letter was sent to Jacob Lew, Secretary of the Treasury; Ben Bernanke, Chairman of the Board of Governors of the Federal Reserve; Martin Gruenberg, Chairman of the Federal Deposit Insurance Corporation; Thomas Curry, Comptroller of the Currency in the Office of the Comptroller of the Currency; Richard Cordray, Director of the Consumer Financial Protection Bureau; and Debbie Matz, Chairman of the National Credit Union Administration.
On Sept. 10, a Justice Department official said the federal government will enable financial institutions to transact business with the legitimate marijuana industry without fear of prosecution.