Posted November 27, 2018
Senate Confirms Bowman to Federal Reserve Board
The Senate has confirmed Kansas State Banking Commissioner Michelle Bowman as a member of the Federal Reserve Board. She becomes the first person to fill the vacant community banking seat, which was mandated by Congress. Bowman, nominated in April, is the first person confirmed to the Fed seat reserved for a community banker.
Hope for Banking Marijuana in Congress
Democratic control of the House has raised hopes that the possibility exists for Congress to provide a safe harbor for banks to serve marijuana businesses or even a broader bill to remove pot from the list of controlled substances. With Paul Ryan and Pete Sessions departing to potentially create a window for legislation that could either remove marijuana from schedule 1 of the Controlled Substances Act, which puts it on the same level as heroin and cocaine, or take action on more discrete issues like providing clarity on banking legal marijuana businesses.
Approximately 486 financial institutions now serve marijuana businesses. One potential compromise could be returning to the Obama level of enforcement drafted in the Cole Memo.
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