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The Marijuana Banking Bill Is Off To A Strong Start

Good News: March 7, 2019 " Safe and fair enforcement of the Banking Law in 2019 " (or "SAFE Banking Law") was officially introduced in the House of Representatives. More news: Ed Perlmutter (D-CO) and Denny Heck (D-WA); banks and other financial institutions and vice versa.

As stated in this earlier blog The SAFE Banking Act aims to ban federal regulators from punishing banks and other financial institutions that provide banking services to state lawful marijuana companies, marijuana-related companies and their owners and employees. This also means that federal banking regulators will not prevent the depositary from accessing the Deposit Guarantee Fund and taking action on loans to marijuana companies

The rapporteur, Perlmutter, stressed in its introduction that legislation was primarily aimed at security. Only Congress can provide assurance that financial institutions must start banking businesses that are eligible for marijuana – like all other legal companies – and reduce the risks of employees, businesses and communities across the country.

Representative Heck continued: “We know that, according to the instructions of the Ministry of Finance, the federal government gives priority to keeping this product in the hands of children and organized crime. The most effective way to do this is to allow, but encourage these companies to use traditional banking methods to track their sales, deposits, expenses, taxes, and other transactions. If Congress does not work, we oppose a responsible, regulated market and allow the threat of serious public security to go untreated. "

If you need further training, the SAFE Banking Law must be passed to Parliament by a simple majority (218/435) to reach the Senate. Although the SAFE Banking Act is far from legislation, it is certainly a much better start than any of its predecessors. Stay tuned.

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