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HR 4711 115th Congress House Finance and Financial Sector Agricultural practices and innovations Bank accounts, deposits, capital Banking and financial institutions regulation Business investment and capital Civil actions and liability Drug trafficking and controlled substances Financial services and investments Fraud offenses and financial crimes

Industrial Hemp Banking Act

Introduced: December 21, 2017 Introduced by: Barr, Andy Republican · Kentucky See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 21, 2017
Referred to the House Committee on Financial Services.
Dec 21, 2017
Introduced in House
 Plain-English summary Congressional Research Service

Industrial Hemp Banking Act

This bill prohibits a federal banking regulator from: (1) terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate industrial hemp business; (2) prohibiting or otherwise discouraging a depository institution from offering financial services to such a business; (3) recommending, incentivizing, or encouraging a depository institution not to offer financial services to an account holder solely because the account holder is affiliated with such a business; or (4) taking any adverse or corrective supervisory action on a loan made to a person solely because the person either owns such a business or owns real estate or equipment leased to such a business.

As specified by the bill, a depository institution shall not, under federal law, be liable or subject to forfeiture for providing financial services to a legitimate industrial hemp business.

What's happening now December 21, 2017

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1