U.S. House Approves SAFE Banking Act as Part of Military Spending Bill in Historic Vote

High Times

The U.S. House approved the Secure and Fair Enforcement (SAFE) Banking Act on Thursday in a bipartisan 316-113 vote as part of the latest National Defense Authorization Act, a military spending bill. It’s the fifth time the legislation has been approved in the House as a standalone bill or an amendment as part of larger legislation. Since statewide cannabis reform has been enacted over the past four decades, cannabis businesses still are not fully tolerated, most evidently in federal restrictions, such as the way banking is restricted. Representative Ed Perlmutter re-introduced the bill, as promised, saying that it would allow cannabis businesses to access the banking system—like any other industry—and would bring more money into the economy and offer the opportunity to create good-paying jobs.  On September 21, the House Rules Committee approved the SAFE Banking Act as they sifted through over 800 amendments filed for the $778 billion FY2022 National Defense Authorization Act (NDAA) to determine which ones will get a floor vote. As Representative Perlmutter sits in the Rules Committee, the move suggests he has influence. Currently, The Financial Crimes Enforcement Network (FinCEN) Guidance from the Department of the Treasury provides informal guidance on banking with cannabis businesses, but still nothing to immunize a financial institution from federal prosecution—only an act of Congress can do that. Bloomberg reported that the SAFE Banking Act would be a boon for cannabis companies—which up until now have been forced to do business in cash thanks to federal banking restrictions. Cannabis-adjacent companies that provide financial services agreed. “Passage of the SAFE Banking Act is a historic, significant step forward for the cannabis industry, which deserves more legitimacy and access to banking, insurance and other services just like any other mainstream industry. This legislation will open up much-needed access to financial institutions and…

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Source : U.S. House Approves SAFE Banking Act as Part of Military Spending Bill in Historic Vote

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