U.S. House of Representatives to Vote on Cannabis Banking Legislation
Statement below from Steve Hawkins of the Marijuana Policy Project
WASHINGTON, D.C. — On Wednesday, the U.S. House of Representatives will hold a floor vote on the Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595), which would prevent federal financial regulators from punishing financial institutions that provide services to state-legal cannabis businesses. The SAFE Banking Act cleared the House Financial Services Committee in March and currently has over 200 cosponsors. Cannabis banking legislation in the Senate currently has a total of 33 cosponsors.
Statement from MPP Executive Director Steve Hawkins:
“It is time for members of Congress to pass the SAFE Banking Act. The cannabis industry should have the same access to banking services as every other legal industry in the United States. Restricting cannabis businesses from accessing financial services forces companies to rely on cash-only operations, creating an unnecessary burden for the industry and limiting economic growth.
“Denying access to banking is making it harder to increase the diversity of the cannabis industry. Passing this legislation would provide resources for those with limited access to capital and increase the chances of success for state-level social equity initiatives. The SAFE Banking Act is a positive step in the right direction for cannabis policy reform in the United States, and its passage will improve the likelihood that other cannabis legislation will advance in Congress.”