Why Giving Pot Pushers Access to Our Banks Is Dangerous

From The Daily Signal.com (Sept. 25):

The House of Representatives is about to consider a bill called the Safe Banking Act, which, like many titles of federal laws, is completely misleading.

It should be called the “Let’s Pretend Marijuana Is Safe and Give Pot Pushers, Cartels, and Terrorist Organizations Access to Our Banking System” Act.

Don’t hold your breath for a title change. Regardless of the title, the idea behind the act ignores reality and, if passed, will lead to disastrous results.

This bill is all about protecting people and businesses who openly commit federal crimes by selling marijuana, and rewarding them by giving them access to the most important banking system in the world to further give them the patina of legitimacy.

And at the same time the House is considering this bill, the data on the impact of the legalization experiment across the country is proving just what a dangerous and bad idea legalization has become.

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Why Giving Pot Pushers Access to Banks Is Dangerous

The act would ostensibly allow businesses selling marijuana in compliance with state law to take advantage of the federal banking system.

Right now, they cannot, because, by opening up accounts, the businesses and the banks would violate the federal statutes outlawing the distribution of controlled substances as well as the federal anti-money laundering statutes.

And since federal law currently prohibits pot pushers from accessing the banking system, these businesses are primarily all-cash businesses. Many use armed security guards to safeguard their drug money because they are often located in seedy parts of town where they get burglarized.

So pot vendors want to be able to deposit their cash and let purchasers use credit cards. They want to use our banking system, just like Nike, Starbucks, or Walmart do. Of course the difference is, the latter three companies sell legal products; pot pushers don’t.

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Substitute the word heroin, meth, or LSD with marijuana, and ask yourself this: Do you support allowing distributors of those drugs to have access to our banking system? If not, why not? They, too, are Schedule I controlled substances.

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Plus, illegal drugs, including marijuana, fund transnational cartels, gangs, and terrorist organizations. [read more]

Yea, that law is a dumb idea. Hope it doesn’t pass Congress.