{"id":7699,"date":"2018-02-02T12:56:01","date_gmt":"2018-02-02T20:56:01","guid":{"rendered":"http:\/\/occupysf.net\/?p=7699"},"modified":"2018-02-02T12:56:01","modified_gmt":"2018-02-02T20:56:01","slug":"ca-treasurer-ag-launch-study-public-banking-now-legal-pot-industry","status":"publish","type":"post","link":"http:\/\/occupysf.net\/index.php\/2018\/02\/02\/ca-treasurer-ag-launch-study-public-banking-now-legal-pot-industry\/","title":{"rendered":"CA Treasurer and AG launch a study of Public Banking for the now-legal pot industry"},"content":{"rendered":"<div class=\"headline\">\n<h2><img decoding=\"async\" loading=\"lazy\" class=\"profile_image\" style=\"font-size: 16px;\" src=\"http:\/\/res.cloudinary.com\/nationbuilder\/image\/twitter\/w_73,h_73,c_fill\/2658169560.jpg\" width=\"72\" height=\"72\" border=\"0\" \/><\/h2>\n<div class=\"byline\">posted by\u00a0<span class=\"name\"><span class=\"linked-signup-name\">PUBLIC BANKING INST<\/span><\/span>\u00a0|\u00a0February 01, 2018<\/div>\n<\/div>\n<div id=\"content\">\n<div id=\"intro\" class=\"intro\">\n<div class=\"content\">\n<div>\n<div class=\"image\"><img decoding=\"async\" src=\"https:\/\/d3n8a8pro7vhmx.cloudfront.net\/pbi\/pages\/2620\/attachments\/original\/1517499816\/180201_cannabis_cash_sacbee_Jae_c_Hong_AP_1026.jpg?1517499816\" alt=\"180201_cannabis_cash_sacbee_Jae_c_Hong_AP_1026.jpg\" width=\"600\" \/><\/div>\n<div class=\"caption\">\n<p><em>Photo by Jae C. Hong, courtesy Sacramento Bee.<\/em><\/p>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p class=\"p1\"><span class=\"s1\">CA Treasurer John Chiang, a candidate for governor, and Attorney General Xavier Becerra\u00a0<a href=\"http:\/\/www.latimes.com\/business\/la-fi-cannabis-bank-chiang-20180130-story.html\" target=\"_blank\" rel=\"noopener\">announced Tuesday<\/a>\u00a0they will move forward with plans to create a state bank for the cannabis industry and conduct a feasibility study they aim to complete by end of the year.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Chiang said this month\u2019s move by US Atty. Gen. Jeff Sessions to revoke Obama administration guidelines limiting enforcement of marijuana laws in states where the drug is legal has added urgency and incentive to create a Public Bank. Chiang continued:\u00a0<\/span><\/p>\n<blockquote>\n<p class=\"p2\"><span class=\"s1\">&#8220;<strong>California and other states will need to lead<\/strong>\u00a0when it comes to bringing the cannabis industry out of the shadows.\u201d<\/span><\/p>\n<\/blockquote>\n<p class=\"p1\"><span class=\"s1\">Marc Armstrong, president of Commonomics USA, said that along with pushing the Public Bank conversation forward, the cannabis industry illustrates another big problem with commercial banking: exclusion of wide swaths of customers. Armstrong explained:\u00a0<\/span><\/p>\n<blockquote>\n<p class=\"p1\"><span class=\"s1\">&#8220;When you have such a large segment of the population excluded precisely because of federal regulation, you end up putting a spotlight on the\u00a0<strong>glaring inequalities of the banking system<\/strong>\u00a0and how inadequately it provides services to the economy.&#8221;<\/span><\/p>\n<\/blockquote>\n<p class=\"p1\"><span class=\"s1\">Hezekiah Allen, executive director of the California Growers Assn. and a member of Chiang&#8217;s working group, said:<\/span><\/p>\n<blockquote>\n<p class=\"p1\"><span class=\"s1\">&#8220;As cannabis business owners, we&#8217;re interested in anything that would change the status quo. If there were a public bank and our members could do business with it, our members would open accounts in droves.&#8221;<\/span><\/p>\n<\/blockquote>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>posted by\u00a0PUBLIC BANKING INST\u00a0|\u00a0February 01, 2018 Photo by Jae C. Hong, courtesy Sacramento Bee. &nbsp; CA Treasurer John Chiang, a candidate for governor, and Attorney General Xavier Becerra\u00a0announced Tuesday\u00a0they will move forward with plans to create a state bank for the cannabis industry and conduct a feasibility study they aim&#8230; <a class=\"continue-reading-link\" href=\"http:\/\/occupysf.net\/index.php\/2018\/02\/02\/ca-treasurer-ag-launch-study-public-banking-now-legal-pot-industry\/\"> Continue reading <span class=\"meta-nav\">&rarr; <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/7699"}],"collection":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/comments?post=7699"}],"version-history":[{"count":1,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/7699\/revisions"}],"predecessor-version":[{"id":7700,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/7699\/revisions\/7700"}],"wp:attachment":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/media?parent=7699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/categories?post=7699"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/tags?post=7699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}