Reuters

WASHINGTON, March 21 (Reuters) – U.S. Treasury Secretary Janet Yellen stated on Thursday she would welcome laws that will rectify the battle between federal and state legal guidelines on the sale and use of marijuana that stops hashish corporations from accessing the banking system.

Requested at a U.S. Home Appropriations subcommittee listening to on the difficulty, which forces hashish corporations to carry massive quantities of money, Yellen stated: “I believe it's an actual drawback and that it could be fascinating to have laws that alleviates this drawback.”

Republican Consultant David Joyce stated he raised the identical concern with former Treasury Secretary Steven Mnuchin 5 years in the past and little has modified since then.

About 38 states have authorized marijuana for medical use and 24 have authorized its leisure use, however the sale of hashish stays unlawful on the nationwide stage.

Most banks, fearful about dealing with anti-money laundering legal guidelines, have averted the enterprise, forcing hashish corporations to deal in money, which creates safety dangers for workers and prevents financing.
Yellen has additionally beforehand stated that the difficulty is an obstacle to the gathering of taxes from hashish corporations.

“I believe we may welcome laws on this space that will make clear for the banks what their duties are,” Yellen stated in response to Joyce's query about her place.

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