The state bank and financial services commissioner of Colorado, the dreamer of Marijuana business in Colorado, Chris Myklebust has stepped down from his post in the John Hickenlooper’s administration. He is the fourth ranking member the Hickenlooper’s administration join the exodus that has taken place in just five weeks. The Department of Regulatory Agencies has come forth with the announcement of his relief from his responsibilities but reserved its comments about what lies next for him, except for that he “is pursuing his own business.” Myklebust had been serving for than 10 years towards the regulation on state financial institutions.
A Brief Professional History of Myklebust
Myklebust served as the state’s commissioner of financial service for a long tenure of 2006 to 2015. In 2015, he was appointed the State Bank Commissioner of Colorado.
The thoughts and ideas of this important man were the very basis of the of marijuana business in Colorado doing business with the banks and add to the economy. It was a step most welcome because the pot traders were in dire need of depositing their cash revenues since not card transactions were allowed. He, however, could not win cooperation on the same from the federal officials. The latter denied a master account number that could offer the marijuana trade unions the access to the federal banks.
DORA has arranged for filling in the roles on interim basis with Patty Salazar, DORA deputy executive director and Ken Boldt deputy state bank commissioner.
He is preceded by Sue Birch, executive director of the Department of Health Care Policy and Financing who will be ending the tenure in November. Shailen Bhatt, presently serving as the executive director of the Colorado Department of Transportation will also be departing in December. Ellen Golombek, executive director of the Department of Labor and Employment has also announced her resignation from the said post to join an advocacy agency for national workforce. Preceding them were Barbara Brohlv from the Colorado Department of Revenue serving her resignation in August, and Joe Neguse, from the post of executive director of the Department of Regulatory Agencies.
While the exodus from the governor Hickenlooper’s administration is as it is astonishing, Myklebust’s exit is a total let down for those who have been looking forward to a boost to marijuana Colorado trade.
Myklebust was precise and concise in letting us know his future vision in a statement that reads, “I leave knowing that I accomplished what I set out to do, which was to streamline regulatory processes by removing unnecessary red tape so our licensees remain healthy and competitive, as well as help consumers understand their financial rights and engage them in opportunities to improve their personal financial literacy.” He added that he is leaving the department to “pursue other passions.”
As far as DORA is concerned, it seems one resignation after another is a big loss, despite Hickenlooper’s statement that he is confident about still being able to achieve a lot. As Myklebust resigns, Marguerite Salazar DORA executive director issued a written statement – “Chris has been an outstanding asset not only for the Department of Regulatory Agencies, but also for the people of Colorado. We will all miss his passion and expertise to engage industry stakeholders while managing a balanced regulatory environment, as well as his commitment to consumer protection and public service.”