House Approves Marijuana Banking Protections For Third Time As Part Of New COVID Bill

House Approves Marijuana Banking Protections For Third Time As Part Of New COVID Bill

For the third time in just over a year, the House of Representatives has approved legislation that would protect banks that service state-legal marijuana businesses from being penalized by federal regulators. The text of the Secure and Fair Enforcement (SAFE) Banking Act was included in a wide-ranging coronavirus relief bill that members approved on the floor on Thursday. This is the second time the House inserted the cannabis banking language in COVID-centric legislation that cleared the chamber after having previously passed it as a standalone bill. While the scope of the latest pandemic relief proposal was generally scaled back in an attempt to make it more palatable to the GOP-controlled Senate, the marijuana provisions remained intact. The bill, known as The Heroes Act, was approved in a vote of 214-207. Several Republicans—including Senate Majority Leader Mitch McConnell (R-KY) and Vice President Mike Pence—have criticized including marijuana components in coronavirus legislation, arguing that it is not germane to the issue at hand. McConnell has specifically targeted most of his criticism at a provision of the SAFE Banking Act that requires industry diversity reporting. A day before Thursday’s vote, the majority leader took to the floor of his own chamber to complain that the House bill provides “special treatment to the marijuana industry,” stating that the legislation “mentions the word ‘cannabis’ more times than the words ‘job’ or ‘jobs.’” The Senate did not add cannabis banking language to its own version of COVID relief legislation filed in July. But Democratic leaders are evidently willing…

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Source : MJ moment
Link to original : House Approves Marijuana Banking Protections For Third Time As Part Of New COVID Bill
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