Items tagged with banking:
News & Updates:
Over the span of recent decades, the federal legalization of marijuana has been a popular topic of discussion within the political arena. One aspect less frequently introduced is the financial impact legalization has within the banking sector. At the moment, most cannabis companies are unable to take out federal loans or establish any form of credit, since marijuana is federally illegal and therefore federally regulated banks are unable to work directly with marijuana businesses. A few states have legalized the use and distribution, of cannabis, both recreationally and medicinally, but this legal standing is insufficient for distributors to access services provided by national banks. All of this has led to volatility within the marijuana business structure and a business model built in violation of banking standards.
Senate Democrats introduce bill to repeal opioid distribution law; Congress nearing deal to loosen bank regulations; Federal Reserve Chair Janet Yellen signals likely interest rate hike.
Professor Peter Conti-Brown discusses the recent appointment of Elizabeth Duke as the Chairman of the scandal-ridden bank’s board. She was formerly a Federal Reserve governor.
“She is a superb choice for a troubled institution in need of steady, principled, and pragmatic leadership.”
Faculty Affiliate Kevin Werbach comments for Philly.com on Bitcoin’s rapid rise this summer and its prevalence in Philadelphia.
“The magnitude of the rise this year has been a speculative bubble which will in time deflate but how fast and how far we don’t know.”
President Trump’s stunning election victory last November breathed new life into the “Audit the Fed” movement. He promised supporters along the campaign trail to increase transparency over monetary policy decisions made by the Federal Reserve.