Big Pot wants millions in corporate investment — some lawmakers are happy to help

Last year, we saw pro-pot lawmakers attempt to load up any and every COVID-19 aid bill with marijuana industry wish list items. Though none of those attempts proved successful, they are back at it again.
Last week, Rep. Ed Perlmutter (D-Colo.) offered the SAFE Banking Act as an amendment to the annual military spending bill known as the National Defense Authorization Act, or NDAA. The NDAA is a must-enact defense spending bill that Congress has passed into law each year for 60 years in a row. Which renders Perlmutter’s move especially shady.

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Big Pot wants millions in corporate investment — some lawmakers are happy to help

Last year, we saw pro-pot lawmakers attempt to load up any and every COVID-19 aid bill with marijuana industry wish list items. Though none of those attempts proved successful, they are back at it again.
Last week, Rep. Ed Perlmutter (D-Colo.) offered the SAFE Banking Act as an amendment to the annual military spending bill known as the National Defense Authorization Act, or NDAA. The NDAA is a must-enact defense spending bill that Congress has passed into law each year for 60 years in a row. Which renders Perlmutter’s move especially shady.

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The House Just Voted To Let Marijuana Businesses Use Banks. Again.

On the eve of “4/20,” the House of Representatives gave broad bipartisan support to a bill that would finally allow state-legal marijuana businesses to access banking services.
It’s the second time the House has passed a bill to do so. Unlike in 2019, however, there is reason to believe the Senate may give the bill a warmer welcome this year.
“Passing this bill will show that Congress can work together in a bipartisan way to address outdated marijuana laws,” Rep. Ed Perlmutter (D–Colo.) said from the House floor on Monday, just prior to the vote.

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The GameStop Mess Exposes the Naked Short Selling Scam

At the House Financial Services Committee hearing last week on the GameStop debacle, there was an elephant in the room: naked short selling.
Short selling, effectively betting that a stock will go down, involves a trader selling shares he does not own, hoping to buy them back at a lower price to make money on the spread. The trader is supposed to locate (or have a “reasonable belief” he can locate) or borrow the shares in brokerage accounts, and then transfer them to the buyer within two days. This accounts for as much as 50 percent of daily trading.

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The GameStop Mess Exposes the Naked Short Selling Scam

At the House Financial Services Committee hearing last week on the GameStop debacle, there was an elephant in the room: naked short selling.
Short selling, effectively betting that a stock will go down, involves a trader selling shares he does not own, hoping to buy them back at a lower price to make money on the spread. The trader is supposed to locate (or have a “reasonable belief” he can locate) or borrow the shares in brokerage accounts, and then transfer them to the buyer within two days. This accounts for as much as 50 percent of daily trading.

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Why Katie Porter Isn’t on the House Financial Services Committee

Katie Porter, the second-term Democratic congresswoman from Orange County, California, was at it again last week, savaging headlines about Wells Fargo CEO Charles Scharf’s 12 percent pay cut in 2020. “How about we instead focus on the millions of workers in our country who do not even get paid $12 per hour?” she tweeted. It was a typical populist flourish from Porter, a consumer protection lawyer, professor, and researcher, who gained notoriety as a freshman by lacerating financial executives in hearings of the House Financial Services Committee.

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