Marijuana Banking Bill Reintroduced In Senate, With Nearly A Third Of The Chamber Signed On

MJ moment

A bill to protect banks that service state-legal marijuana businesses from being penalized by federal regulators has been reintroduced in the Senate—with nearly a third of the chamber as cosponsors. It’s a development that takes on a new light now that Democrats are back in control the chamber. This comes days after the Secure and Fair Enforcement (SAFE) Banking Act was refiled in the House, where it passed with bipartisan support as a standalone bill in 2019 and also as part of two COVID-19 relief bills. The Senate version is being sponsored by Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT), and it currently has 27 other cosponsors. In the House, the legislation has more than 100 members who’ve signed on as cosponsors. The SAFE Banking Act would ensure that financial institutions could take on cannabis business clients without facing federal penalties. Fear of sanctions has kept many banks and credit unions from working with the industry, forcing marijuana firms to operate on a cash basis that makes them targets of crime and creates complications for financial regulators. With Democrats now in control of both chambers of Congress and the White House, industry stakeholders are optimistic that the legislation stands a solid chance of becoming law this year. The Senate represented the bill’s most significant obstacle last session under GOP control. After it passed the House last Congress, advocates and stakeholders closely watched for any action to come out of the Senate Banking Committee, where it was referred after being transmitted to the chamber. But then-Chairman Mike Crapo (R-ID) did not hold a hearing on the proposal, despite talk of negotiations taking place regarding certain provisions. Crapo said he opposed the reform proposal, but he signaled that he might be more amenable if it included certain provisions viewed as untenable…

Excerpt only …
READ MORE BELOW
Source : Marijuana Banking Bill Reintroduced In Senate, With Nearly A Third Of The Chamber Signed On

reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.