Legislative Action Center

Congressional Legislation
Small Business Banking Improvement Act of 2011
Bill # H.R.1984

Original Sponsor:
Jared Polis (D-CO 2nd)

Cosponsor Total: 7
(last sponsor added 09/13/2012)
  7 Democrats
About This Legislation:
H.R. 1984, the Small Business Banking Improvement Act of 2011, introduced by Rep. Polis, would protect banks that accept deposits from medical marijuana from federal fines or seizures and allow them to avoid the onerous "suspicious activity" reports they now have to file when accepting deposits from medical marijuana businesses. That has led financial institutions including Wells Fargo, CitiCorp, and Bank of America to refuse to do business with medical marijuana entities. The bill was introduced with Reps. Barney Frank (D-MA), Pete Stark (D-CA) and Ron Paul (R-TX) as initial cosponsors. Visit http://stopthedrugwar.org/chronicle/2011/may/26/three_medical_marijuana_bills_fi for further information.
Detailed, up-to-date bill status information on H.R.1984.
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