Banking associations representing all 50 U.S. states—as well as various other financial, insurance and union organizations—are calling for Senate committee passage of a marijuana banking bill “as quickly as possible.”
Ahead of a Senate Banking Committee hearing on cannabis industry financial issues that was held on Thursday, several national and state associations sent letters to the panel’s leadership, urging quick action to advance the Secure and Fair Enforcement (SAFE) Banking Act to the floor.
The American Bankers Association (ABA) and all 50 of its state affiliates said that the committee should schedule a markup “as soon as possible.”
Other groups that have advocated for the legislation’s expedient enactment include: Independent Community Bankers of America (ICBA), Electronic Transactions Association (ETA), International Brotherhood of Teamsters and a coalition of insurance industry trade groups.
“The SAFE Banking Act is an urgently needed, and widely supported, bipartisan legislative solution to allow banks to handle the proceeds from state-licensed cannabis businesses and the accountants, skilled trades, landlords, law firms, and other service providers they rely upon for legal operations,” the bankers’ letter says.
“Federal law prevents banks from banking cannabis businesses, as well as these ancillary businesses, without fear of federal sanctions,” it continues. “As a result, this industry is operating primarily in cash, which causes…
MMP News Author
Source link
