WASHINGTON—A group of Senators, led by Jeff Merkley (D-OR) and Jacky Rosen (D-NV) have joined together in a letter to congressional leaders calling for the inclusion of the Secure and Fair Enforcement (SAFE) Banking Act in the America COMPETES Act of 2022.
The SAFE Banking Act, which has strong support from credit unions, would remove many of the federal prohibitions on financial institutions serving cannabis-related businesses. The Act passed in the House but was not included in the Senate version of the COMPETES Act. It is now in conference committee where its fate will be determined.
In the letter, the bipartisan group of Senators noted that cannabis banking legislation has already passed the House six times at this point, including as a standalone bill that garnered “the support of more than three quarters of the chamber and a majority of the members of each party.”
‘Powerful Job Creator’
“The cannabis industry has become a powerful job creator and a significant generator of tax revenue,” the senators wrote. “However, financial institutions are often reluctant to transact with cannabis-related businesses, even in states that have some form of legalized cannabis, due to legal and regulatory risks arising from inconsistent federal and state laws.
“The SAFE Banking Act, as included in the House-passed America COMPETES Act, would allow banks, credit unions, and other financial institutions to offer banking services to legally-operating cannabis businesses without fear of punishment by federal regulators,” continued the group.
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