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The sport's national governing body also cut off its financial support to Phelps for the same three-month period.
Phelps acknowledged "regrettable" behaviour and "bad judgement" after a photograph in a newspaper showed him apparently smoking cannabis.

The latest fallout from the photo showing Michael Phelps smoking marijuana at a party at the University of South Carolina is costing him some cash and some time in the pool.

After Michael Phelps acknowledged inhaling marijuana from a pipe as depicted in a photo, the Olympic great has lost swimming competition privileges and a major endorsement deal.The Associated Press reports that USA Swimming has suspended Phelps for three months of competition and cut off his financial support during that period.
Michael Phelps was suspended from competition for three months by USA Swimming on Thursday, the latest fallout from a photo of the Olympic great with a marijuana pipe.