“Allowing access to the nation’s regulated banking system is crucial to public safety and to ensuring that lawful businesses in our states have access to regulated banking services.”
Category: Banking
Although members of the House have passed an earlier version of the legislation — the SAFE Banking Act — on seven prior occasions, today’s vote marks the first time that Senate members have voted in favor of the measure.
“Every day that Congress fails to act endangers the livelihood of these small businesses and their customers, puts local regulators and law enforcement at a disadvantage, and facilitates the activities of unlicensed operators and criminal organizations.”
The NAACP resolution states: “The SAFE Banking Act could enable cannabis businesses with social equity licenses … to better compete in the industry.”
This vote marks the sixth time that members of the House have advanced SAFE Banking to the Upper Chamber either as an amendment or as a stand-alone piece of legislation.
It is unfortunate that Congress chose to not affirm the legitimacy of state-level marijuana legalization and instead chose to deny this emerging legal industry access to basic financial tools and services.
NORML Supports Swift Enactment; Stresses Need for Further Federal Reforms Washington, DC: The NDAA funding…
NORML maintains that the NDAA is an appropriate vehicle for the SAFE banking provisions. According to the American Legion, nearly 1 in 4 veterans report consuming cannabis. Most do so because of its therapeutic effects to mitigate symptoms of a physical or mental ailment.