California Treasurer Fiona Ma is set to testify Wednesday morning at the first Congressional hearing about the difficulties the state's emerging legal cannabis industry is facing with access to conventional banking services because federal law deems marijuana among the top illegal drugs.
Ma is set to speak to the House Committee on Financial Services's Consumer Protection and Financial Institutions Subcommittee 11 a.m. Pacific Time. It's the first Congressional hearing on federal cannabis banking policy
Watch the hearing here:
The subcommittee is set to consider a draft of the Secure and Fair Enforcement Banking Act of 2019, also called the SAFE Banking Act of 2019. Colorado Rep. Ed Perlmutter originally introduced a SAFE Banking Act bill as H.R. 2215 in 2017.
A California-commissioned feasibility study released in December concluded that it was unfeasible to create a state public bank for the industry and that the federal government had to act to allow the cannabis industry to shift from cash to the banking system.
Also set to testify are Perlmutter; retired Baltimore police Maj. Neill Franklin, who heads the Law Enforcement Action Partnership; Rachel Ross, chief risk officer of Maps Credit Union in Oregon and also a representative of the Credit Union National Association; Gregory Deckard, head of State Bank Northwest and representing Independent Community Bankers of America; Casey Barnette, owner of District Growers Cutivation Center and Metropolitan Wellness Center; and Jonathan Talcott, partner of Nelson Mullins.
Read the testimony