SAFE Act Passage Would Mean Safe Cannabis Banking For All:
August 1, 2019 - "Last week, cannabis banking was once again discussed on Capitol Hill. The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing to review a leading bill that would allow federally overseen financial institutions to serve cannabis-related businesses. If passed, the Secure and Fair Enforcement (SAFE) Banking Act would protect banks from federal prosecution as long as the cannabis businesses they work with comply with the laws in the states where they operate....
"Despite bipartisan support in the House and except for committee chairman Sen. Michael Crapo (R-Idaho), no Republican members attended. Interestingly, Sen. Crapo’s state has yet to even legalize medical cannabis. He will, however, be influential in determining whether this bill ever reaches the President’s desk.
"Sen. Crapo’s attendance and comments Tuesday surprised many SAFE Banking Act watchers, indicating he may be more willing to see cannabis banking progress than previously thought. Just a few months ago, he expressed reservations about cannabis banking legislation.... On Tuesday, however, he seemed receptive to arguments in favor of the bill.
"For example, the bill’s lead sponsor, Sen. Jeff Merkley (D-Ore.), explained that conducting business solely on cash transactions widens the chances of money laundering and other crimes. Other speakers noted the extreme obstacles small businesses face, including that many are unable to even break into the industry because of the lack of access to financial services and insurance. Sen. Cory Gardner (R-Colo.), another co-sponsor, pointed to the bill’s unprecedented bipartisan support, which is rare in today’s political climate.
"Many of the arguments made during the hearing harken back to a letter banking associations from all fifty states and Puerto Rico sent to Sen. Crapo and the committee in May. The letter argued that an urgent need exists for banks to serve the cannabis industry, which can only be solved with federal action like the SAFE Banking Act. It was yet another sign of unity on this issue and growing support for the bill....
"At the close of Tuesday’s hearing, Sen. Crapo agreed that the problem of cannabis banking should be resolved. While it is unclear whether this means he will advance the SAFE Banking Act, the comment alone provided another small glimmer of hope that we’re taking a step in the right direction."
'via Blog this'
August 1, 2019 - "Last week, cannabis banking was once again discussed on Capitol Hill. The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing to review a leading bill that would allow federally overseen financial institutions to serve cannabis-related businesses. If passed, the Secure and Fair Enforcement (SAFE) Banking Act would protect banks from federal prosecution as long as the cannabis businesses they work with comply with the laws in the states where they operate....
"Despite bipartisan support in the House and except for committee chairman Sen. Michael Crapo (R-Idaho), no Republican members attended. Interestingly, Sen. Crapo’s state has yet to even legalize medical cannabis. He will, however, be influential in determining whether this bill ever reaches the President’s desk.
"Sen. Crapo’s attendance and comments Tuesday surprised many SAFE Banking Act watchers, indicating he may be more willing to see cannabis banking progress than previously thought. Just a few months ago, he expressed reservations about cannabis banking legislation.... On Tuesday, however, he seemed receptive to arguments in favor of the bill.
"For example, the bill’s lead sponsor, Sen. Jeff Merkley (D-Ore.), explained that conducting business solely on cash transactions widens the chances of money laundering and other crimes. Other speakers noted the extreme obstacles small businesses face, including that many are unable to even break into the industry because of the lack of access to financial services and insurance. Sen. Cory Gardner (R-Colo.), another co-sponsor, pointed to the bill’s unprecedented bipartisan support, which is rare in today’s political climate.
"Many of the arguments made during the hearing harken back to a letter banking associations from all fifty states and Puerto Rico sent to Sen. Crapo and the committee in May. The letter argued that an urgent need exists for banks to serve the cannabis industry, which can only be solved with federal action like the SAFE Banking Act. It was yet another sign of unity on this issue and growing support for the bill....
"At the close of Tuesday’s hearing, Sen. Crapo agreed that the problem of cannabis banking should be resolved. While it is unclear whether this means he will advance the SAFE Banking Act, the comment alone provided another small glimmer of hope that we’re taking a step in the right direction."
'via Blog this'
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