New Updates and What to Expect
The SAFE Banking Act just made history when it received unparalleled support and was passed by the House of Representatives. This piece of legislation is bringing an elevated sense of hope to many cannabis and hemp-related businesses nationwide. However, is it truly the saving grace that many are hoping for and in desperate need of? Let’s take a closer look at the legislation as well as the effects of banking issues and the SAFE Banking Act has on small businesses in the cannabis space.
As we previously discussed in the article Cannabis Banking Protection May be Closer Than You Think, here is what the “ Secure And Fair Enforcement Banking Act of 2019 “ would accomplish if passed.
- Prohibit federal banking regulators from being able to bar financial institutions from offering banking and financial services to businesses operating in legal cannabis markets.
- Prohibit federal banking regulators from being able to intervene in any actions taking place between financial institutions and businesses in the cannabis sector.
The bill states that its purpose is “ to create protections for depository institutions that provide financial services to cannabis-related legitimate businesses and service providers for such businesses, and for other purposes.”
Representative Ed Perlmutter introduced The SAFE Banking Act on March 7 thof 2019. Since then, the bill H.R. 1595 has been assigned to several committees, including the House Financial Services Committee and the House Judiciary Committee on Crime, Terrorism, and Homeland Security. The Secure And Fair Enforcement Banking Act of 2019 received a vote in the House on September 25th.
The 321 to 103 vote passed the legislation in the House, and it now stands with the Senate. The bill is formally known as S. 1200 and is currently awaiting a vote by the Senate Banking, Housing, and Urban Affairs Committee. The bill now has…