Melissa Schiller Legislation and regulation News Politics

U.S. Sens. Jeff Merkley (D-OR) and Cory Gardner (R-CO) have reintroduced the Safe and Fair Enforcement (Protected) Banking Act in the U.S. Senate as the Property companion bill, HR 1595, gains momentum.

The bipartisan legislation, which has 20 cosponsors in the Senate, would guard banks and other economic institutions from federal prosecution when functioning with cannabis-associated organizations that are operating in compliance with state laws. Federal banking regulators would be prohibited from sanctioning banks for functioning with state-compliant cannabis organizations or terminating their solutions, taking action on loans granted to these organizations or limiting a depository institution’s access to the Deposit Insurance coverage Fund. The bill would also guard ancillary organizations that function with the cannabis business from becoming charged with dollars laundering and other economic crimes. Additional, the legislation demands the Economic Institution Council to create guidance to assistance credit unions and banks realize how to legally serve cannabis organizations.

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