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.
Category: Banking
“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.
Just one week ago, the SAFE Banking Act passed once again in the U.S. House of Representatives with overwhelming, bipartisan support by a vote of 321 to 101, with every Democrat and the majority of Republicans voting in support. As the lead sponsor of this legislation, I am appreciative of the tens-of-thousands of messages that NORML members from around the country have sent to their lawmakers in support of my bill.