A bill to protect banks that service state-legal marijuana businesses from being penalized by federal regulators have again been filed in the House. Rep. Ed Perlmutter (D-CO) reintroduced the legislation, titled the Secure and Fair Enforcement (SAFE) Banking Act. The measure cleared the House along largely bipartisan lines during the last Congress, but it did not advance in the Senate under Republican control. With Democrats now in control of the House, Senate, and White House, industry stakeholders are optimistic that the legislation stands a solid chance of becoming law this year. The bill as introduced has more than 100 initial cosponsors, with Reps. Steve Stivers (R-OH), Nydia Velazquez (D-NY), and Warren Davidson (R-OH) taking the lead alongside Perlmutter. By the end of the 116th Congress, the prior version of the bill garnered 206 cosponsors A new companion Senate version of the bill is expected to be filed next week. The SAFE Banking Act would ensure that financial institutions could take on cannabis business clients without facing federal penalties.
Kyle Jaeger, Marijuana Moment, 03/18/2021 12:42:00