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U.S. Treasury Agency is Not Happy About Sessions' Handling of New Marijuana Policy

After Attorney General Jeff Sessions announced his plans to rescind a policy that protected states with legal marijuana laws, many politicians came out and denounced the move. But it turns out even the non-political members of Washington's bureaucracy were not happy about it either.

The Treasury Department's Financial Crimes Enforcement Network were allegedly not informed about Sessions' decision to rescind the Cole Memo last week. Part of the Financial Crimes Enforcement Network's responsibilities are to work with banks and financial institutions to determine if any of their clients are engaging in illegal activity. While banks are required to report suspicious activity for certain transactions, a 2014 policy from the Treasury says that banks are also allowed to note if they believe marijuana businesses are operating within state laws. 

However, the Financial Crimes Enforcement Network was not informed about Sessions' decision to rescind the Cole Memo. The 2014 policy in place by the Treasury was made because of the existence of the Cole Memo and the understanding that the federal government would not crackdown on states with legal marijuana. But if that's now not the case, then the Treasury would need to both amend their own policies as well as provide new guidance to banks and financial institutions in states with legal marijuana about how to handle transactions with cannabis companies.

So basically Jeff Sessions and the Department of Justice didn't really think or take any advice from other agencies or departments before rescinding the Cole Memo. Just another instance of rational policy-making by the Trump administration!

(h/t The Hill)


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