House Advances SAFE Banking Act as part of the NDAA Must-Pass
Washington, DC – September 24, 2021 (Investorideas.com Newswire) The NDAA funding program adopted by the United States House of Representatives includes the provisions of the Secure and Fair Enforcement (SAFE) Banking Act, which allows related businesses to state-licensed marijuana to freely engage in relationships with banks and other financial institutions. The language was proposed as an amendment to the bill by Representatives Ed Perlmutter (D), Earl Blumenauer (D), Barbara Lee (D), Nydia Velazquez (D), David Joyce (R) and Steve Stivers (R).
This vote marks the fifth time that House members have advanced SAFE Banking legislation in recent years. House members last approved the measure in April as a stand-alone bill by 321 to 101 votes. At that time, all Democrats and just over half of House Republicans voted in favor. The law project.
âEnactment of the SAFE Banking Act would improve public safety and business efficiency in the 36 states that currently allow some form of retail marijuana sales,â NORML Policy Director Justin Strekal said, âthe Senate should ensure that this provision remains in the final version of this funding and apply it quickly.
Strekal added, âThe SAFE Banking Act is only the first step in ensuring that legal marijuana markets operate safely and efficiently. The sad reality is that those who own or frequent these currently unbanked businesses would still be seen as criminals in the eyes. federal government and federal law. This can only be rectified by removing marijuana from the list of controlled substances.
Currently, thousands of state-licensed cannabis companies cannot partner with the banking industry due to federal restrictions. They are unable to accept credit cards, deposit income, access loans, or write checks to pay salaries or taxes. This situation is untenable. No industry can operate in a safe, transparent or efficient manner without access to banks or other financial institutions. Congress must change federal policy so that this growing number of state-compliant businesses and their consumers can operate in a manner similar to other legal business entities.
For these reasons, NORML has long advocated that federal lawmakers vote âYesâ on the SAFE Banking Act.
The NDAA is now submitted to the Senate for review.
In a to exchange On Tuesday with Politico reporter Natalie Fertig, Republican Senate co-head of the SAFE Banking Act, Senator Kevin Cramer said, â(I) if it’s a vehicle that can carry it, I think it would be fine. â¦ Any vehicle is good that gets it to pass it.
NORML advocates for changes in public policy so that responsible possession and use of marijuana by adults is no longer subject to criminal penalties. NORML further advocates for a regulated commercial cannabis market so that activities involving the for-profit production and retail sale of cannabis and cannabis products are safe, transparent, user-friendly and subject to state licensing and / or local. Finally, NORML advocates for further changes in legal and regulatory policies so that those who use marijuana responsibly no longer face social stigma or discrimination in the workplace, and that those who have criminal records for marijuana-related violations have the option of having their records automatically. removed.
Find out more at norml.org and read our fact sheets on the most common misconceptions and myths about reform efforts in the country
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