Colorado Governor Jared Polis was thrilled to hear the Biden Administration recommend that Congress take action to reschedule marijuana as a schedule III drug, becoming the latest state to welcome the move from the federal government. However, he was quick to point out that work still remains to be done in areas of banking and FDA enforcement guidance.
1. Colorado Governor Backs Biden Administration On Marijuana Rescheduling
Colorado Governor Jared Polis recently gave his support to the Biden administration-backed proposal to ease restrictions on marijuana and reduce its legal classification from a Schedule I to a Schedule III drug. This would enable the federal government to tax marijuana in a more beneficial way and take a proactive stance in offering state compliance flexibility.
The governor has publicly praised the marijuana industry for transforming Colorado’s economy into a powerhouse and claims the re-scheduling of the drug would unlock new job opportunities and much-needed resources for the state. Since the passing of the amendment in 2012 that legalized marijuana in Colorado, the industry has been heavily taxed, but current laws have made it difficult for businesses to grow and sustain themselves in the legal market.
- The governor has shown his public support for the proposal to reschedule marijuana.
- The state marijuana industry has been taxed heavily since 2012, but current laws have hindered growth and sustainability.
2. Biden’s Recommendation Sparks Governor’s Call For Action On Banking and FDA Enforcement
Joe Biden sent shockwaves through the world on Thursday when he made a landmark recommendation for banking reform and Food and Drug Administration (FDA) enforcement. In response to this, many states have been quick to take action.
Gov. Thomas of California was one of the first to respond, calling for immediate action with the state government. In a fast-paced statement, the Governor stressed the need for greater focus on banking and FDA enforcement, as well as tighter regulations. He said:
- “We must prioritize banking and FDA enforcement to protect our citizens and communities. We must commit to tougher regulations, so that our people can access the resources they need safely.”
The governor added that he was in full agreement with Biden’s recommendations, and was confident that his call for urgent action would improve the lives of Californians, as well as people across the nation. He believes that now is the time for strong action and that this is the only way to guarantee the safety of all citizens.
3. Ambitious Goals Set For Banking and FDA Clarity Confront Staggering Complexity
Administrators aiming to meet these ambitious objectives will find themselves facing a behemoth of complexity. From the near-impossible feat of trying to bring tens of thousands of global banks into compliance, to having to make sense of the arcane rules, regulations, and policies that make up the financial sector’s exhaustive legal framework, tackling this behemoth is no small feat. The task proves even more daunting when examining the challenges associated with fintech.
The rapidly evolving financial technologies used today by a growing number of new entrants into the banking space have amplified the complexity of financial regulations. This technical innovation adds an additional layer of complexity, as fintech aids in streamlining processes and tackling complex financial tasks, such as automated trading and fraud detection. With new technologies largely uncharted territory, there is an uphill battle for central bankers to get up to speed on these initiatives and establish robust regulations that have the capability to protect consumers.
- Aiming to meet these ambitious objectives
- Tackling the behemoth complexity of the financial sector
- Rapidly evolving financial technologies
- Navigating uncharted territory to establish robust regulations
Financial regulators and tech innovators must combine efforts to enable banks to meet leaders’ lofty objectives. These industry leaders will be forced to work together to bridge the gap between technology, innovation, and regulation. Only then can they figure out the staggering complexity of the current banking climate and develop comprehensive, yet precise regulation of the sector.
4. Colorado Governor Speaks Out As Industry Prepares For Lasting Change
In response to the seismic shifts occurring with the global energy landscape, Governor Jared Polis of Colorado recently spoke out in an effort to adapt to a more sustainable future. He reiterated his commitment to helping the state transition to cleaner, more cost-effective sources of energy.
Policies Focused On A Cleaner Future:
- Invest in renewable resource sources like geothermal, wind, and solar.
- Preserve and invest in natural gas infrastructure.
- Promote and advance grid modernization.
- Improve energy efficiency.
The Governor emphasized the need to make smart investments in renewable energy resources to maintain Colorado’s strong energy portfolio and keep utility costs low for state residents. He plans to cut red tape, provide access to low-cost financing, and incentivize investments in innovative technology in order to promote new business opportunities and stimulate the state’s energy and eco-friendly industries.
Governor Polis sees the recommendation from the Biden administration as a step in the right direction for marijuana’s inclusion into the United States mainstream. However, he hopes action is taken soon so that marijuana businesses in Colorado can operate safely and properly through access to banking and guidance from the FDA. For the sake of the thousands of marijuana businesses and their employees, Governor Polis is pushing for full support from the Biden administration.