Barney Frank Demands Banking Services for Marijuana Related Businesses

In the October 2010 Issue of High Times | Buzz Section - Breaking the Banks | Pg. 12

Lending  institutions like Bank of America and Wells Fargo routinely deny new accounts to businesses that deal with medical marijuana. But that may change soon. Fifteen members of Congress, led by Barney Frank (D - MA), delivered a letter to the Treasury Office stating: "Legitimate state-legal businesses are being denied access to banking services, which does not serve the public interest." Additionally, the letter cited "an increased risk to public safety with potential theft or robbery that any cash-only or cash-reliant business faces."

The congressmen want the Treasury to issue "formal written guidance" assuring banks they won't be targeted for doing business with companies that distribute marijuana."