All articles tagged with #banking reform
U.S. Treasury Secretary Scott Bessent advocates for comprehensive reforms in the financial regulatory system, criticizing the Biden-era dual capital requirement proposal and calling for reduced capital burdens on banks to promote lending and economic growth, while emphasizing the need for a long-term, innovation-driven blueprint for financial stability.
Democratic congressman Earl Blumenauer predicts that this year's 4/20 celebration will be the last with cannabis still classified as Schedule I, expressing confidence in GOP House action on a bipartisan cannabis banking bill if it advances in the Senate. He emphasizes the public's support for marijuana policy reform and urges Democrats to capitalize on the issue ahead of the November election. Blumenauer also discusses ongoing negotiations for the Secure and Fair Enforcement Regulation (SAFER) Banking Act, highlighting bipartisan support and the potential for progress in both the House and Senate.
Former U.S. Sen. Cory Gardner and former U.S. Rep. Ed Perlmutter discussed the potential attachment of the SAFER Banking Act to the FAA reauthorization bill, signaling progress towards cannabis banking reform. Gardner emphasized the need for bipartisan support, while Perlmutter expressed optimism, citing the Senate Banking Committee's approval of the act. Industry insiders highlighted the uphill battle for cannabis reform but noted significant changes in recent years, with hopes for imminent regulatory changes benefiting the cannabis industry.
Cannabis multistate operators Cresco Labs and Columbia Care have called off their $2 billion merger, citing the evolving landscape in the cannabis industry. The deal, which would have created the largest cannabis company in the U.S., fell through after the companies failed to divest enough assets for regulatory approvals. Both companies will focus on their core businesses amidst a downturn in the industry, which is facing economic and regulatory challenges. The cancellation also affects a $185 million deal with Sean "Diddy" Combs. The cannabis industry is awaiting banking reform, such as the Secure and Fair Enforcement Banking Act, to address the lack of federal regulation and access to traditional banking services.