“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.”
Tag: SAFE 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.
In the coming days, members of the House and Senate could take action on multiple important federal cannabis bills.
Proponents say that the law’s intent is to limit the number of in-person cash transactions taking place at licensed retailers.
“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.”
“Democrats’ failure and the GOP’s continued resistance to any progress is out of step with voters’ opinion, is bad politics, and most importantly, it is bad public policy.”
The NAACP resolution states: “The SAFE Banking Act could enable cannabis businesses with social equity licenses … to better compete in the industry.”
The vote marks the seventh time that House members have advanced this language to the Senate as either an amendment or as a stand-alone bill.