A bipartisan bill developed to guard banks that service the marijuana business from getting penalized by federal regulators will get a vote in a important congressional committee subsequent week.
The legislation, which was discussed for the duration of the first cannabis-connected hearing of the 116th Congress final month, will go prior to the Residence Monetary Solutions Committee on Tuesday.
Reps. Ed Perlmutter (D-CO) Denny Heck (D-WA), Steve Stivers (R-OH) and Warren Davidson (R-OH) are the chief sponsors of the Safe and Fair Enforcement (Secure) Banking Act. It was formally filed earlier this month, and at present has 138 cosponsors—more than a quarter of the Residence.
“For six years, Congress has failed to act on the problem of cannabis banking, placing thousands of staff, enterprises and communities at danger,” Perlmutter mentioned in a statement emailed to Marijuana Moment. “However, the problem is ultimately getting the interest it deserves with the initially-ever congressional hearing and now a scheduled committee vote.”
‘Among the cosponsors is the chair of the committee herself, Rep. Maxine Waters (D-CA), who spoke about addressing banking difficulties in the cannabis industry shortly prior to assuming the position. Judiciary Committee Chairman Jerrold Nadler (D-NY) and Guidelines Committee Chairman Jim McGovern (D-MA), have also signed onto the legislation—demonstrating its assistance amongst highly effective Democratic leaders of the Residence.
All of this sets the stage for a potentially game-changing vote, as Republican leadership for the duration of the final Congress consistently blocked marijuana-connected bills from even getting deemed. With Democrats in manage and major lawmakers embracing the legislation, it stands a superior likelihood of heading to the complete Residence and then on to the Senate.
Resolving banking troubles for marijuana organizations was a single of a number of legislative objectives that Rep. Earl Blumenauer (D-OR) outlined in a blueprint to finish federal marijuana prohibition he sent to his party’s leaders final year.
47 states have taken methods toward legalization & this committee action on the Secure Banking Act is an significant initially step in our blueprint to finish prohibition nationwide.
Initial Congressional Marijuana Vote Of 2019 Officially Scheduled For Subsequent Week: The Residence Monetary Solutions Committee will take up bipartisan legislation to let cannabis enterprises access banks. https://www.marijuanamoment.net/initially-congressional-marijuana-vote-of-2019-officially-scheduled-for-subsequent-week
“The banking problem is just a single aspect of the failed policy of federal marijuana criminalization. In order to genuinely bring the marijuana business out of the shadows, actions have to have to be taken by Congress to amend this, and numerous other people, outdated and discriminatory practices,” Justin Strekal, political director for NORML, mentioned in a statement. “This will absolutely not be the final hearing of this Congress to go over marijuana prohibition and we count on a complete hearing on prohibition to be scheduled in the months to come.”
There were several adjustments produced to the banking bill since it was final introduced in the 115th Congress. For instance, the legislation clarifies that protections are extended to economic institutions that function with ancillary cannabis business—not just these that straight sell marijuana or marijuana solutions.
“[P]roceeds from a transaction performed by a cannabis-connected reputable business enterprise shall not be considered as proceeds from an unlawful activity solely due to the fact the transaction was performed by a cannabis-connected reputable business enterprise,” the bill states.
It also calls on the Federal Monetary Institutions Examination Council to implement “uniform guidance and examination procedures for depository institutions that present economic solutions to cannabis-connected reputable enterprises.”
There have been widespread calls to tackle the banking issue, including from members of Congress and representatives of cannabis enterprises. With this vote, it appears these calls are at least beginning to be answered.
Meanwhile, Nadler has signaled that his Judiciary Committee may perhaps also take up broader marijuana legislation quickly.
Published: March 20, 2019