SAFE Banking Act - A Solution for Cannabis and the Feds
Right now, there is a bill in front of the US Senate Committee on Banking, Housing, and Urban Affairs. It has been sitting there since 4/20 of this year. This bill was passed on 4/19 in the US House of Representatives and was sent to the Senate for ratification or alteration.
This bill would do several things for the cannabis industry:
Allows FDIC-insured banks to provide full services to legitimate cannabis-related businesses
Prohibits Federal government from penalizing banks that take cannabis-related businesses
Removes anti-money laundering laws from cannabis-related bank accounts because business operations would no longer be considered “unlawful activity”
Forbids the Federal government from seizing bank assets for legitimate cannabis-related businesses (Asset Forfeiture)
Great! Unfortunately, we’ve been down this road before…
Secure and Fair Enforcement Banking Act of 2019 – bill died in Senate Committee on Banking, Housing, and Urban Affairs
SAFE Banking Act of 2017/2018 – bill died in Senate Committee on Banking, Housing, and Urban Affairs
Marijuana Business Access to Banking Act of 2015 – bill died in House Subcommittee on Crime, Terrorism, Homeland Security, and Investigations
What we need to do now, is actually CALL OUR SENATORS to ask that they accurately represent the will of the cannabis industry. In 2020, cannabis sales and licensing added $170,000,000 to the Oklahoma State Treasury. That isn’t gross sales, that’s TAX REVENUE.
Let’s help our Oklahoma senators understand the benefit our industry plays in the state so that we receive accurate and appropriate representation. I ask you to join me in calling our Senators to encourage them to support the industry actively contributing to the welfare of our Great State.
James Inhofe (R) – (202) 224-4721
James Lankford (R) – (202) 224-5754
These people are fellow Okies, show some love when you call them.
Who are the people sitting on this bill? Do they plan to let this die AGAIN using the “do nothing” approach? The US Senators that sit on the Senate Committee on Banking, Housing, and Urban Affairs are…
Sherrod Brown (D-OH) – Chairman
Patrick Toomey (R-PA) – Ranking Member
Jack Reed (D-RI)
Robert Menendez (D-NJ)
Jon Tester (D-MT)
Mark R. Warner (D-VA)
Elizabeth Warren (D-MA) – Majority Chair
Chris Van Hollen (D-MD)
Catherine Cortez Masto (D-NV)
Tina Smith (D-MN)
Kyrsten Sinema (D-AZ)
Jon Ossoff (D-GA)
Raphael Warnock (D-GA)
Richard C. Shelby (R-AL)
Mike Crapo (R-ID)
Tim Scott (R-SC)
Mike Rounds (R-SD)
Thom Tillis (R-NC)
John Kennedy (R-LA)
Bill Hagerty (R-TN)
Cynthia Lummis (R-WY)
Jerry Moran (R-KS)
Kevin Cramer (R-ND)
Steve Daines (R-MT)
