Key Senators push to reform hemp banking laws

Two influential Senators are lobbying to overturn archaic laws that do not allow hemp farmers access to traditional banking resources.

According to an article on hempindustrydaily.com, published April 2:


"Sens. Mitch McConnell of Kentucky and Ron Wyden of Oregon sent letters to four federal banking and financial institutions on Tuesday asking them to open financial services to the hemp industry.


“Hemp farmers and businesses should be treated just like any other agricultural businesses and not discriminated against,” the senators stated.


"The letters were sent to the U.S. Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration, the Federal Reserve System and the Office of the Comptroller of the Currency.


"Citing the 2018 Farm Bill, McConnell and Wyden reiterated the legality of hemp cultivation and asked federal financial leaders to provide guidance and clarification to their member institutions “to ease any concerns they may have with providing financial services to legal hemp farmers and businesses.”


Sources:

https://hempindustrydaily.com/sens-mcconnell-and-wyden-to-financial-leaders-give-hemp-farms-access-to-banking/

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