Marijuana Banking Bill Approved By House, Heads To Senate: Lawmakers And Advocates React

The U.S. House of Representatives voted this week on banking legislation, which includes provisions concerning marijuana and access to banking. Under the legislation, called the Secure and Fair Enforcement (SAFE) Banking Act, marijuana businesses will be able to receive services from banks, at least where the substance is legal.

According to Reuters, the legislation passed by a vote of 321 to 103, and the bill is now headed to the senate for a final vote. The American Bankers Association issued a letter to lawmakers early this week concerning their position. The letter shared:

“Our members are committed to serving the financial needs of their communities – including those that have voted to legalize cannabis,”

Representative Ed Perlmutter tweeted about the passage of the SAFE Banking Act:

“Passing the #SAFEBankingAct will show that Congress can work together in a bipartisan way to address outdated marijuana laws. I hope this bill is an icebreaker for the House to take up other reforms and finally remove the conflict between state and federal laws. #copolitics”

Perlmutter also stated in a joint release concerning the passage:

“Thousands of employees, businesses and communities across this country have been forced to deal in piles of cash because of the conflict between state and federal law. After six years of working on this bill, the SAFE Banking Act will go a long way in getting cash off our streets and providing certainty so financial institutions can work with cannabis businesses and employees. I appreciate the partnership of Reps. Heck, Stivers and Davidson and the input and support from several others including Chairwoman Waters for their help passing this bill in the House. I look forward to working with Senate Banking Committee Chairman Crapo, Ranking Member Brown, and the entire Senate as they take up this important issue.”

Positions by other lawmakers can also be viewed in the release. House Speaker Nancy Pelosi also tweeted:

 “Congratulations to @RepPerlmutter & @RepDennyHeck on a strong bipartisan vote to pass the #SAFEBanking Act, which will allow financial institutions to finally begin working with legitimate marijuana businesses.”