Treasury Secretary Janet Yellen called it “extremely frustrating” that Congress has not yet enacted cannabis banking reform legislation and that her department is “supportive” of the bipartisan Secure and Fair Enforcement (SAFE) Banking Act, reported Marijuana Moment.
Rep. Ed Perlmutter (D-CO), the banking bill’s sponsor, raised the issue with Yellen during a hearing of the House Financial Services Committee, stressing a rise in violent crime targeting legal cannabis businesses whose lack of banking options forces them to operate on a cash-only basis. Perlmutter asked the Treasure Secretary what she thought about the situation.
