Treasury Secretary Jack Lew on Tuesday defended the Obama organization’s rules to banks directing transactions with legitimate marijuana merchants as congressional Republicans addressed whether the direction adds up to implied elected support of a drug unlawful in most states. The equity and Treasury divisions issued a guide in February that might permit the new business to profit and pay imposes a move that empowers the authorized marijuana industry to work in Colorado and Washington State. In2012, the two states turned into the first to support recreational utilization of marijuana.Rep. Hal Rogers, R-KY, executive of the House Appropriations Committee, tested Lew at a hearing, addressing whether direction to depend on working with lawful marijuana merchants speaks to an “rubber-stamp” by the national government for a dominantly illicit movement. “Without any guidance,there would be a proliferation of cash-only businesses, and that would make it impossible to see when there are actions going on that violate both federal and state law and that … would be a real concern,”Lew told the House subcommittee on monetary administrations. “We thought that the clarity, bringing it into daylight, was a better solution.”
Conceivably, Lew said, Congress might compose a law to build a strategy. In its unlucky deficiency the organization issued the rules that banks must survey state permit requisitions for Marijuana clients,demand data about the business create an understanding of the sorts of items to be sold and screening exposure accessible hotspots for any negative data about the business, create an understanding of the sorts of items to be sold and minor openly accessible hotspots for any negative data about the business.The aim is to make banks feel better working with marijuana organizations that are authorized and directed while guaranteeing that money just marijuana organizations won’t be left defenseless against crooks. “What about cocaine dealers? Shouldn’t they be given the same break?” Rogers pressed Lew. “I’m not aware of any state that has legalized” cocaine, Lew replied. “But aren’t you aware that practically every state, marijuana still is considered illegal?” Rogers demanded.
Lew said the organization’s activities just apply to states where marijuana is legitimate. Rep. Mario Diaz-Balart, R-Fla. Addressed Lew on whether the rules unequivocally state that marijuana is unlawful under elected law. Lew said the direction does not say that an illicit action is legitimate. He said various banks are not tolerating records from legitimate marijuana merchants and they comprehend they are in a region where they are at danger.