SAFE Banking Act Dropped From China Competition Bill

SAFE Banking Act Dropped From China Competition Bill
High Times

Federal legislation that would permit financial institutions to provide banking services to legal cannabis businesses has been dropped from a bill designed to foster competition with China, marking the sixth time the cannabis banking provisions have failed to gain the approval of the U.S. Senate after being passed by the House of Representatives. Known as the Secure and Fair Enforcement (SAFE) Banking Act, the legislation would have permitted banks and other financial institutions to serve companies in the legal cannabis industry. Under current regulations, providing traditional banking services such as loans and payroll, checking and deposit accounts is tightly regulated by the federal government, resulting in few financial institutions agreeing to work with marijuana businesses. Critics note that the current policy forces cannabis companies to operate primarily in cash, leaving the businesses vulnerable to crime. The SAFE Banking Act was first introduced in Congress by Democratic Rep. Ed Perlmutter of Colorado in 2013. Since then, the House of Representatives has passed the bill six times as either a standalone bill or attached to other legislation. But the measure has failed to gain the approval of the Senate. Most recently, the House approved provisions of the SAFE Banking Act in February as part of the America Creating Opportunities for Manufacturing, Pre-Eminence in Technology, and Economic Strength Act of 2022 (America COMPETES Act), a bill to support U.S. manufacturing and improve competitiveness with China. But on Thursday, Punchbowl News reported that the cannabis banking provisions have been dropped from the latest version of the COMPETES Act, which is currently in conference committee with House and Senate lawmakers. The report noted that the SAFE Act language had been dropped at the insistence of Republican negotiators. “In the wake of the Senate’s inaction, people continue to be killed, businesses continue to be robbed, and…

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Source : SAFE Banking Act Dropped From China Competition Bill

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