December 4, 2019 3:30 a.m.
On Tuesday, Oregon U.S. Senator Ron Wyden welcomed federal banking guidance for hemp and said it was an important step.
A release from Wyden said hemp was legalized almost a year ago, yet Oregon farmers and producers “have been forced to ride the roller coaster of uncertainty”. He said slowly but surely federal regulators are beginning to catch up. Wyden said that 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”.
The release said 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 that hemp producers will have access to financial services.
Wyden said Oregon has been on the forefront of hemp production ever since the authorization of industrial hemp pilot programs established by the 2014 Farm Bill. Wyden said farmers and producers still face barriers despite passage of Wyden’s Hemp Farming Act, which legalized hemp and removed it from the federal list of controlled substances.