Treasurer Chiang Releases Pot Report

California Treasurer John Chiang put together a “Cannabis Banking Working Group” several months ago to study the contortions created by the juxtaposition of state cannabis legality and our republic’s illegalization.

It considers strategies in four areas:

  1. Tax and fee collections needs to be safer and more efficient
  2. Figure out how to get cannabis access to bank services
  3. Study creating a state-backed bank to create bank services for cannabis businesses
  4. Work to change federal law to respect the now loud voice of the states (the problems the CBWG noted exist in 30 states (including DC)).

after pointing to the following societal problems:

  1. Cannabis businesses are forced to accumulate staggering amounts of cash. Their customers must pay in cash, and cannabis businesses can’t get banks to create bank accounts for them to deposit the cash into, like other businesses. This makes their customers and employees targets of violent crime, and promotes tax evasion.
  2. It costs more to secure government locations for the payment of cash than it does to provide armored car service to pick the cash up. In addition, state law could create a state bank that took currency in and delivered it directly to the Federal Reserve for redemption.
  3. We’ll never stop the black market until this new industry has normal access to banking.

Here is a link to the report. As the Republican candidate for Nevada Treasurer, I would encourage Nevadans to take a look at the report. The short story is in the Executive Summary close to the top. Feel free to offer me your opinion – my cell is 702-592-8822.

Spain on the brink of civil war

200 years ago today (1817), Spain was on top of the world. A major rival, England, had just suffered the embarrassing expulsion from its American colonies, whereas Spain was milking its American colonies quite profitably. In fact, at that time Las Vegas, Nevada was part of the Spanish territory of New Spain, although we did not contribute much to the economy.

Within five years, the locals drove the Spaniards back home, and created Mexico. The new government encouraged trade between the northernmost of the old Spanish colonies – Sante Fe, NM and Los Angeles, CA. Las Vegas was an important water stop on what we call today the Old Spanish Trail. Eventually, Washington won Las Vegas in the Mexican-American War in 1848.

It seems like Spaniards have been killing each other over the government ever since. It goes through periods of peace, but those are between some pretty nasty stuff.Ā  This morning’s Review JournalĀ  says they may be about to go at it again.

Here’s Wikipedia’s entry on the History of Spain.

Chapter 529

Apparently buried under 528 chapters before it, chapter 529 of the tax code sets up a variety of potential ways people can start to save toward their childrens’ college, if their states get off the dime. Thanks to the diligence and foresight of Treasurers going back to Bob Seale (Seale, Brian Krolicki, Kate Marshall and Dan Schwartz) and two decades of Legislative proaction, few states have implemented more of those options than Nevada.

This has become a matter of public policy based on research findings that children who know someone is saving money for them to go to college are many times more likely to actually go.

This appears to be based on social science research from the Washington University in St. Louis, described here.

If you’ve got young’uns in your life, check out all the state programs at