Banks are the “primary funder of new opportunities” in the U.S. free market system, providing the financial backing “that keeps Main Street alive,” House Majority Whip Tom Emmer (R-Minn.) told bankers at the ABA Washington Summit today. In a conversation with ABA’s Kirsten Sutton, Emmer discussed the role of the banks in the nation’s economy and shared his thoughts on various policy issues affecting the industry, including cannabis banking and the possible creation of a central bank digital currency, or CBDC.
“I went into all these businesses that started in a garage with some startup capital from a local banker. That is still alive and well with what you’re doing,” Emmer told the bankers in the audience. “And I think you just got to remind the members [of Congress], this is what we do, and by the way, you can help us a lot by protecting this and making some changes.”
Emmer reiterated his long-standing opposition to a U.S. CBDC, having sponsored proposed legislation preventing the creation of a digital currency unless it is able to guarantee consumer privacy. He also noted his support for legislation allowing banks to provide services to legitimate cannabis businesses in states where it is legal.
“It’s not whether you are a marijuana lover or hater,” Emmer said. “This is a legitimate business that has been approved by the representative government of that state.”