DENVER—A bill introduced by Colorado Rep. Ed Perlmutter (D) that would allow banks to serve marijuana-related businesses without fear of penalties from the federal government got a boost this week from a bipartisan coalition of state attorneys general.
A letter sent to leaders in Congress by 19 state attorneys general requests advancement of legislation such as the Secure and Fair Enforcement (SAFE) Banking Act to “provide a safe harbor” for banks that provide financial products or services to state-legal marijuana businesses, The Cannabist reported.
The recent rescission by U.S. Attorney General Jeff Session of Obama-era guidance for the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) regarding banks doing business with marijuana firms has made the need for Congressional action more urgent, the attorneys general said.
Enacting laws such as the SAFE Banking Act that ensure accountability in the marijuana industry would, “bring billions of dollars into the banking sector, and give law enforcement the ability to monitor these transactions,” the attorneys general said. “Moreover, compliance with tax requirements would be simpler and easier to enforce with a better-defined tracking of funds.”
Perlmutter introduced the SAFE Banking Act last April with co-sponsors Reps. Denny Heck (D-WA) and Don Young (R-AK).