The chairman of the Federal Reserve signaled at a news conference the central bank is not prepared to give federally chartered banks a green light to serve marijuana businesses in legal markets – at least until lawmakers clarify discrepancies between state and federal law.
“This is a very difficult area, because many state laws permit the use of marijuana and federal law still doesn’t,” MarketWatch quoted the Fed chief, Jerome Powell, as saying. “So it puts federally chartered banks in a very difficult situation.”
“Of course, our mandate has nothing to do with marijuana,” he added. “We would love to see it clarified.”
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