Congressman Heck Introduces Marijuana Banking Amendments

Marijuana ScienceCongressman Denny Heck (WA-10) with Representatives Perlmutter (CO-07), Lee (CA-13), and Titus (NV-01) have submitted two amendments to the financial services division to be included in the House appropriations bill. Both of these amendments focus on banking services for legal marijuana-related businesses and would be a temporary fix until the current legislation, the SAFE Banking Act, is passed into law.

The first amendment prohibits any funds in the bill from being used to punish banks for serving marijuana businesses that are legal under state law. The second amendment prohibits the Treasury from altering FinCEN’s guidance to financial institutions on providing banking services to legitimate marijuana businesses. These amendments, if included, would allow for legal marijuana-related business to operate according to state laws and enjoy access to the banking system.

Currently, hundreds of licensed and regulated businesses do not have access to the banking industry and are unable to accept credit cards, deposit revenues, or write checks to meet payroll or pay taxes. This situation is untenable. No industry can operate safely, transparently, or effectively without access to banks or other financial institutions.

Eight states and the District of Columbia have legalized adult use of marijuana and more than half the states have implemented medical marijuana laws, so it is both sensible and necessary to include these proposed amendments so that these growing number of state-compliant businesses, and their consumers, may operate in a manner that is similar to other legal commercial entities.

You can click here to send an email in support of the SAFE Banking Act to your federal elected officials now. 

10 thoughts

  1. Thank you Congressman, for all that you’re trying to do! Whoever actually legalizes marijuana, will be a hero. Millions for states. Thousands of jobs, taxes for infrastructure and so many other things and of course jails will be freed up for real criminals. Opioids and booze are poison. Marijuana is a God given plant that helps millions of people. No addiction. No horrendous side effects, like pain Med’s.

  2. I’m no fan of corporate America; it supports marijuana prohibition politically, and it personally abuses it’s employees with invasive and degrading urinalysis.

    Marijuana legalization is a social justice issue. So, business banking practices are a non-issue to me, at best. We need to make a clear distinction between those who seek to make money, and those who seek to legalize marijuana for the good of the people of society.

    Yet, I support the amendments; not for the sake of the dispensaries, but for the sake of the medical patients who depend on them. Many of these patients cannot navigate the black market, nor should they be expected to do so.

    And, there is something to be said for basic fairness! Why not dispensaries? For as long a period as McDonald’s continues to be legal, dispensaries should have access to the same financial tools as any other business, if only from a public health perspective!

    Signed and sent, thank you NORML…

      1. McDonald’s promotes diabetes and poor nutrition; dispensaries promote medicine and healing. Cannabis is effective medicine with regard to patients’ glycemic index. So, it’s almost as simple as “good versus evil!” Naturally, Republicans never miss an opportunity to inflict suffering and misery. It’s no accident. They get off on it! You can tell by their smugness when confronted with their cruelty.

  3. Legal banking will introduce an added safety and accountability to the industry. A plus for employees and customers. Credit cards will help no end.

  4. This should be a little late but I’m sure I have my supporting the people who are in need of medical marijuana help. Native American activist Albert Herrera. Thank you.

  5. Thank you so very much Congressman Heck, Representatives Perlmutter, Lee, and Titus for what you are doing to help all of us out here who make a living from this wonderful weed.

  6. We follow the money and discover the big banks are politically invested in prohibition. Don’t worry Bank f*C* America, you’ll still find a way to make money after legalization.

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