Congress asks treasury for bank rules on medical marijuana

U.S. Representative Barney Frank is among 15 members of Congress pushing the Treasury Department to set rules that would help banks provide financial services to medical marijuana dispensaries.

"Legitimate state-legal businesses are being denied access to banking services, which does not serve the public interest," the lawmakers said in a May 20 letter to Treasury Secretary Timothy F. Geithner that was distributed today by Americans for Safe Access, a patient-advocacy group.

The letter was written by Representative Jared Polis, a Colorado Democrat whose state is one of at least 14 that have legalized marijuana for medical use. It asks the Treasury to issue "formal written guidance" assuring banks they won’t be targeted for doing businesses with companies that distribute medical marijuana.