WASHINGTON, DC — More than one-quarter of US House members have signed on to newly introduced legislation to facilitate greater access to banking for state-licensed cannabis operators.
Under federal law, banks and other financial institutions are discouraged from entering into relationships with marijuana-specific businesses. This has led to the industry operating on a largely ‘cash-only’ basis.
Last month, members of the US House, Consumer Protection and Financial Institution Subcommittee heard testimony in favor of federal banking reform.
NORML submitted testimony to the Committee, opining: “In short, no industry can operate safely, transparently, or effectively without access to banks or other financial institutions and it is self-evident that this industry, and those consumers that are served by it, will remain severely hampered without better access to credit and financing. Ultimately, Congress must amend federal policy so that these growing numbers of state-compliant businesses, and those millions of Americans who patronize them, are no longer subject to policies that needlessly place them in harm’s way.”
The SAFE Banking Act is one of several marijuana-related bills introduced in Congress in recent days.
Tags: 116th United States Congress, cannabis banking, Congressional Cannabis Caucus, SAFE Banking Act, Secure and Fair Enforcement Banking Act, The Secure and Fair Enforcement Banking Act of 2019, US HR 1595