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Synopsis: Brent Johnson, CEO of Santiago Capital, is joined by Steven Van Metre of Steven Van Metre Financial to discuss the most pressing issues on the macro landscape. After exploring whether quantitative easing (QE) and low rates are inflationary or deflationary, Johnson and Van Metre take a deep dive into the plumbing of the Treasury market and specifically the operations of the Fed’s FOMC. Van Metre explains why he believes the Fed’s policies have actually caused banks to tighten their lending standards rather than loosen them as the Fed intended. The pair then take a look at swap lines and the Eurodollar funding market as well as the effect a credit contraction would have on the U.S. dollar. Lastly, Van Metre talks about his Real Vision journey and how the knowledge he’s gained has helped him as a financial advisor
Exclusive:US House of Representatives approves cannabis banking bill!
The U.S. House of Representatives on Monday passed legislation that would allow banks to provide services to cannabis companies in states where it is legal, a step towards removing what analysts say is a barrier to development of a national industry.
Lawmakers voted 321-101 to approve the bill and send it to the Senate.
The bill clarifies that proceeds from legitimate cannabis businesses would not be considered illegal and directs federal regulators to craft rules for how they would supervise such banking activity.
Banks have generally been unwilling to do business with companies that sell marijuana or related products, fearing they could run afoul of federal laws.
That has left companies in the marijuana industry with few options, including relying on just a handful of small financial institutions or doing business in cash.
The American Bankers Association has lobbied aggressively for the "SAFE Banking Act" bill.
"Banks find themselves in a difficult situation due to the conflict between state and federal law, with local communities encouraging them to bank cannabis businesses and federal law prohibiting it," the group wrote in a letter to lawmakers on Monday. "Congress must act to resolve this conflict."
Thirty-six states have legalized medical cannabis while 17 states now allow adult use, according to the National Conference of State Legislatures.
Senate Majority Leader Chuck Schumer, in an early-April interview with Politico, said he would try to advance legislation legalizing marijuana use for adults. Asked about the SAFE Banking Act, he said he would like to see such a bill move forward as part of a more comprehensive measure - even if President Joe Biden was not supportive.