Gov’t to set rules on banks and pot

Cheyenne Fox, an employee and daughter of the owner of a Denver marijuana store
Cheyenne Fox, an employee and daughter of the owner of a Denver marijuana store

The fastest trending story on POLITICO is that the Obama administration will soon announce regulations to make it easier for banks to do business with legal marijuana sellers, Attorney General Eric Holder said Thursday.

“You don’t want just huge amounts of cash in these places. They want to be able to use the banking system,” Holder said during an appearance at the University of Virginia’s Miller Center. “There’s a public safety component to this. Huge amounts of cash—substantial amounts of cash just kind of lying around with no place for it to be appropriately deposited is something that would worry me, just from a law enforcement perspective.”

While Holder spoke twice of new “regulations” that were being prepared, a Justice Department spokesman said later that the attorney general was referring to legal “guidance” for prosecutors and federal law enforcement. Such a legal memo wouldn’t be enforceable in court and would amount to less than the kind of clear safe harbor many banks say they would want before accepting money from pot businesses. MORE ….

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Jim Williams is the Washington Bureau Chief, Digital Director as well as the Director of Special Projects for Genesis Communications. He is starting his third year as part of the team. This is Williams 40th year in the media business, and in that time he has served in a number of capacities. He is a seven time Emmy Award winning television producer, director, writer and executive. He has developed four regional sports networks, directed over 2,000 live sporting events including basketball, football, baseball hockey, soccer and even polo to name a few sports. Major events include three Olympic Games, two World Cups, two World Series, six NBA Playoffs, four Stanley Cup Playoffs, four NCAA Men’s National Basketball Championship Tournaments (March Madness), two Super Bowl and over a dozen college bowl games. On the entertainment side Williams was involved with Berman Concerts and directed over 500 concerts for Showtime, Pay Per View and MTV Networks.