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A worker gathers hemp flowers for processing at a farm in Milton, New York. Photo: Paul Frangipane/Bloomberg via Getty Images

The House voted 321-101 Monday to approve a cannabis banking bill that would allow banks to "provide services to cannabis companies" in states where marijuana is legalized.

Why it matters: In the past, banks have been hesitant to do business with companies involved with cannabis for fear of violating federal laws. If passed, this bill would remove one of the barriers to developing a national cannabis industry.

The big picture: The bill, which has rare bipartisan support, states that proceeds from legal marijuana businesses wouldn't be considered illegal and prompts federal regulators to create regulations for supervising these kinds of transactions, per Reuters.

What they're saying: "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 American Bankers Association wrote in a letter to lawmakers on Monday, Reuters reports.

  • "Congress must act to resolve this conflict."

What's next: The bill heads to the Senate for a vote.

Go deeper

House panel to investigate Trump-era DOJ data seizures

Photo: James Devaney via Getty Images

The House Judiciary Committee will launch a formal probe into the Trump-era Justice Department's seizure of data from devices belonging to members of Congress, their aides, journalists and then-White House counsel, panel chair Jerry Nadler (D-N.Y.) announced Monday.

Why it matters: Though it's so far unclear if the cases are related, they raise "serious constitutional and separation of power concerns," Nadler said in a statement.

2 hours ago - Politics & Policy

Scoop: Inside Biden's Putin prep

Photo illustration: Aïda Amer/Axios. Photo: Leon Neal (WPA Pool)/Getty Images

President Biden assembled a group of outside Russia experts — including former Trump officials — to brief him for his summit with President Vladimir Putin, people familiar with the matter tell Axios.

Why it matters: The previously unreported session demonstrates the extent to which Biden wants to be well prepared, drawing on the experience of officials with first-hand knowledge of the onetime KGB colonel’s tactics and tricks.

Rubio's play for anti-China vote

Sen. Marco Rubio. Photo: Bill Clark/CQ-Roll Call Inc. via Getty Images

Sen. Marco Rubio (R-Fla.) is making a play for China hawks in Florida as he braces for a competitive re-election fight next year, records show.

Why it matters: Hostility toward communism drove a significant number of Latino voters in Florida into the Republican column in 2020. The Rubio campaign’s focus on China can capitalize on that trend and a wider — and widening — American mistrust of Beijing.