U.S. - Democrat's bank acct. closed for saying she'd take donations from pot industry

[S.J.B.]

After a Florida Democrat said she'd take donations from the marijuana industry, Wells Fargo closed her bank account
Christopher Ingraham
The Washington Post
August 20th, 2018

Wells Fargo Bank recently terminated the campaign account of a Florida political candidate after inquiring into whether the candidate intended to receive donations "from the medical marijuana industry in any capacity," according to documents released Monday by the campaign.

Democrat Nikki Fried, running to be the state's agriculture commissioner, is a former lobbyist who worked on behalf of a number of industries, including medical marijuana. The documents show that not long after opening a campaign account with Wells Fargo, the bank inquired about her stance on medical marijuana and her intent to accept donations from the medical marijuana industry. The bank subsequently closed her account, citing its "responsibility to oversee and manage banking risks."

The move is highly unusual. If such a policy were applied nationwide it could potentially jeopardize the banking access of dozens of state and national politicians, as well as state agencies tasked with regulating the marijuana industry and collecting taxes on marijuana sales.

On June 13, Fried's campaign opened an account with Wells Fargo, according to documents released by the campaign.

Campaign treasurer Gloria Maggiolo noted that the campaign had "never received a request of this nature from a financial institution" and confirmed to the bank that Fried would probably receive contributions "from lobbyists for the medical marijuana industry, as well as from executives, employees and corporations in the medical marijuana industry." Maggiolo said that Fried was a former lobbyist for the industry and that any contributions from any source would happen under "all applicable IRS rules, FEC regulations, and Florida elections law."

Read the full story here.

 

[LucidSDreamr]

It's hard to have any sympathy for a "former" lobbyist

 

[ro4eva]

It's hard to have any sympathy for a "former" lobbyist

I couldn't agree more with ya.

 

[falsifiedhypothesi]

If only the banks did this every time a politician accepted money from a corporation.

 

[BeachBum4u]

I couldn't agree more with ya.

You have every right to your opinions on them and all but the fact that a bank such as Wells Fargo actually proceeded make such an inquiry and subsequently closed their account is way out of line. I really hope someone does something to push back on them. Wbere the hell does this shit end.

Hell, I just found out a medical marijuana dispensary opened right down the road (the.very first in my area). Turns out they only accept cash! I'm quite sure because the banks aren't willing to touch their money as things stand right now. The sad fact is that they now have to employ a security guard.because of said risk. Therefore raising the operating costs of that store and guess who ends up paying that bill? Thanks very much! If this whole legalization thing is going to work, details like this really need to be addressed, and sooner than later!

 

[aihfl]

If only the banks did this every time a politician accepted money from a corporation.

You have every right to your opinions on them and all but the fact that a bank such as Wells Fargo actually proceeded make such an inquiry and subsequently closed their account is way out of line. I really hope someone does something to push back on them. Wbere the hell does this shit end.

Hell, I just found out a medical marijuana dispensary opened right down the road (the.very first in my area). Turns out they only accept cash! I'm quite sure because the banks aren't willing to touch their money as things stand right now. The sad fact is that they now have to employ a security guard.because of said risk. Therefore raising the operating costs of that store and guess who ends up paying that bill? Thanks very much! If this whole legalization thing is going to work, details like this really need to be addressed, and sooner than later!

I couldn't agree any more. I voted for Nikki Fried precisely because she would put a stop to the state constantly trying to stymie the will of Florida voters by putting up all these roadblocks and conditions on medical MJ. And Wells Fargo is the worst fucking bank. They screwed up my mortgage refinance, and they screwed up a friend's mortgage which delayed the closing when he sold his house. I'm glad I own my home outright now so I don't have to deal with those swinging dicks, or any other banks.

 

[ro4eva]

You have every right to your opinions on them and all but the fact that a bank such as Wells Fargo actually proceeded make such an inquiry and subsequently closed their account is way out of line. I really hope someone does something to push back on them. Wbere the hell does this shit end.

It's certainly a valid point.

My previous post wasn't meant to suggest that what Wells Fargo did wasn't a big deal. On the contrary, as someone who REALLY wants an end to this insane attempt to arrest our way out of something which shall always be in demand; something which shall always be sold by someone willing to accept the potential risks, this practice in question is a relic of a futile war which needs to die already, especially when you consider today's polls regarding marijuana legalization.

As far as lobbyists are concerned, it's a personal bone to pick in addition to being a drawn out history which is best left for another time, good day.