December 03, 2019

Wyden Welcomes Federal Banking Guidance for Hemp as Important Step for Oregon Farmers and Producers

New requirements announced today follow calls from Wyden for federal financial regulators to issue timely guidance to prevent discrimination of legal hemp industry

Washington, D.C. – U.S. Senator Ron Wyden, author of the legislation that legalized hemp production in 2018, released the following statement on clarifying guidance for banking and hemp-related businesses announced today by four federal financial regulators and the state bank regulators:

“Hemp was legalized almost a year ago, yet Oregon farmers and producers have been forced to ride the roller coaster of uncertainty,” Wyden said. “Slowly but surely federal regulators are starting to catch up, and these new banking guidelines are an important step toward giving hemp businesses the certainty they need. The work doesn’t stop here, however, and more must be done to make sure hemp businesses are treated fairly and allowed to fully realize this legal crop’s economic potential in our state and nationwide.”  

Earlier this year, Wyden and Senate Majority Leader Mitch McConnell wrote several federal banking and financial regulatory institutions requesting timely guidance and clarification to ensure lawful hemp farmers and producers in Oregon and nationwide have access to financial services.

Oregon has been on the forefront of hemp production ever since the authorization of industrial hemp pilot programs established by the 2014 Farm Bill. Hemp farmers and producers in Oregon who are eager to explore the full economic opportunities for hemp, however, still face barriers despite passage of Wyden’s Hemp Farming Act, which legalized hemp and removed it from the federal list of controlled substances.