Original Co-Sponsors: Perlmutter, Heck (WA), Rohrabacher, Young (AK), Blumenauer, Hunter (CA), Polis, Courtney, Norton (DC), DeGette, Pocan, DelBene, Titus, Cohen, Lewis (MN), Lieu, Conyers, Lee (CA), Correa (CA), Peters (CA), Sherman
Please join us as an original co-sponsor of the Secure and Fair Enforcement Banking Act (SAFE Banking Act), formerly theMarijuana Businesses Access to Banking Act.
Today, 28 states and the District of Columbia have enacted laws allowing for either medical or adult-use of marijuana. While we believe it is up to each state and its voters to decide how to proceed with marijuana laws, it has become apparent there is a need to align federal and state laws when it comes to addressing the banking crisis.
Current law restricts legitimate licensed marijuana businesses from accessing banking services and products, such as depository and checking accounts, resulting in businesses operating in all cash. This is a serious public safety risk for our communities. The SAFE Banking Act will take the cash off streets and help reduce the threat of cartels. Allowing tightly regulated marijuana businesses the ability to access the banking system significantly reduces the public safety threat.
Today, financial institutions who provide banking services to legitimate marijuana businesses are subject to criminal prosecution for “aiding and abetting” a federal crime and money laundering under the Controlled Substances Act. Licensed and regulated businesses are being cut off and unable to accept credit cards, deposit revenues, or write checks to meet payroll or pay taxes.
Our legislation removes uncertainty by providing a “safe harbor” under criminal and civil laws for depository institutions who provide a “financial product or service” to a covered business. For example, federal banking regulators would not be able to threaten or limit a bank or credit union’s Deposit Insurance, take any action or downgrade a loan made to a covered business, or force a depository institution to halt providing any kind of banking services to a marijuana-related legitimate business.
If you have any questions or would like to become an original co-sponsor of the SAFE Banking Act, please contact Noah Marine in Rep. Ed Perlmutter’s office at 202-225-2645 or firstname.lastname@example.org.
Related Legislative Issues
Selected legislative information: Economy, Judiciary, Small Business