US House Approves SAFE Banking Act
The U.S. House of Representatives has approved the Secure and Fair Enforcement (SAFE) Banking Act with a 321-103 vote. The bill, introduced by Rep. Ed Perlmutter (D-Colo.) with bipartisan support, was passed by the Financial Services Committee in March.
The SAFE Banking Act would create protections for financial institutions that provide financial services to cannabis-related businesses where medical and/or recreational marijuana is legalized. The bill would also create protections for service providers such as electricians and plumbers.
Representatives in support of the bill focused on public safety and legal cannabis banking benefits. Those in opposition focused on the status of cannabis as a Schedule 1 drug and the current patchwork of cannabis regulations.
Four financial trade associations issued a letter of support for the bill prior to the vote.
The bill now moves on to the U.S. Senate.