WASHINGTON D.C. – Nebraska Senator Pete Ricketts is joining other Republican Senators in opposing a bill that would allow banks to do business with marijuana companies.
In a letter to senate majority leader Chuck Schumer and senate minority leader Mitch McConnell, the senators say the legislation compromises the integrity of the banking system by giving banks government approval to participate in illegal activity and sets a new dangerous precedent.
In Wednesday’s media conference call, Ricketts says the SAFER Banking Act would also expand the use of marijuana as the industry will use new investments to increase the potency and target new customers, including children.
He also says that this is a drug that needs to be regulated and we shouldn’t be doing anything to facilitate it.
“If you’re going to allow businesses to access the banking system this way, its going to facilitate money laundering and the cartels are going to get involved. This is not a bipartisan issue, as Biden’s Justice Department has even said that this is going to allow the cartels to do money laundering. This, in general, is just a terrible idea.”
He also say the growth in the industry has caused the THC potency to skyrocket over the last several decades and is having an effect on our kids.
“We can see the THC concentration has gone form 2%-5% back in the 1970’s to some concentrates having 99% THC. We know that is has a terrible impact on young people’s minds and brains and can also be associated with psychosis, motor vehicle accidents, respiratory problems, and low birth weight.”
In regards to its impact along the southern border, Ricketts says we need to give customs and border patrol the needed resources to control those drugs coming over as well and help prevent money being laundered on these illegal drug trades.
Senators also state in the letter that the act is being sold as an easy fix, when in reality, its fatally flawed and will fight to protect our youth from dangerous polices that would result in increased promotion of marijuana use.
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