Citing The Memo Sent To U.s.

Mnuchin told lawmakers that the Treasury is looking at ways to deal with the issue. In 2014, President Obama’s administration issued guidance that enables banks to let marijuana growers, processors and retailers open up bank accounts without getting in trouble with federal regulators. But with U.S. Attorney General Jeff Sessions walking back a broader enforcement policy in states where pot is legal, there are heightened concerns that the Trump administration could also eliminate the banking guidance. Last week, Forbes noted that a Treasury official communicated in a letter to lawmakers that it is in discussions with law enforcement about whether to keep the previous administration’s guidance or change it. During the Tuesday (Feb. 6) hearing, Mnuchin confirmed the Treasury is reviewing the existing guidance, but said he doesn’t want to get rid of it if there isn’t an alternative policy to address public safety concerns. Citing the memo sent to U.S. attorneys on Thursday (Jan.

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