WASHINGTON—Congressman Ed Perlmutter (D-CO) has introduced the Secure and Fair Enforcement Banking Act (SAFE Banking Act), which would allow financial institutions to serve marijuana-related businesses without fear of penalties from the federal government.
The bill is a reintroduction of the Marijuana Businesses Access to Banking Act, which was first introduced in 2013 — and again in 2015 — and subsequently languished, the Cannabist reported. Co-sponsors are Denny Heck (D-WA) and Don Young (R-AK).
Twenty-nine states have legalized the medical use of marijuana, including eight of those that permit recreational use by adults over 21 years of age.
The Cannabist reported that a major concern Perlmutter hopes the bill addresses is the danger in marijuana businesses handling large amounts of cash. Perlmutter positioned the legislation as a means to boost public safety, referencing threats that arise as a result of businesses operating primarily in cash. He noted the death of Travis Mason, a security guard who was killed during an attempted robbery of a marijuana dispensary in Aurora, Colo., the Cannabist reported.
Perlmutter told the publication that he’s optimistic that the bill would find acceptance among members of Congress. However, it needs to make it out of House Financial Services Committee first.
Perlmutter said that the most significant hurdles facing the SAFE Banking Act are committee leaders who haven’t been favorable to marijuana legislation. Perlmutter said he’s spoken with House Majority Leader Kevin McCarthy (R-Ca) about helping to ease some of those committee blockades. “We’ve got to get the federal laws and the state laws to align and not be in conflict with one another,” Perlmutter told the Cannabist.