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bank access for cannabis firms would aid U.S. tax collections -Breaking

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© Reuters. FILE PHOTO – U.S. Treasury Secretary Janet Yellen is seen at a news conference in Dublin with Paschal Dohoe (Ireland), November 1, 2021. REUTERS/Clodagh Kilcoyne

(Reuters) – U.S. Treasury secretary Janet Yellen stated Wednesday that she agrees that allowing legal state-legal cannabis companies to have access to the U.S. bank system will allow the Internal Revenue Service improve tax collection.

During a hearing of the U.S. House Financial Services Committee, Ed Perlmutter from Colorado asked Yellen if allowing marijuana businesses access to the banking system to perform transactions — currently prohibited under federal law — would help the IRS collect tens to millions of unpaid taxes.

“Yes, it will,” Yellen responded.

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