Banking

Bipartisan group of 24 senators prompts passage of SAFE Banking Act

As legislators try to fix up the House and Senate variations of the America Competes Act, a bipartisan group of 24 senators led by Sens. Jeff Merkley (D-Ore.) and Jacky Rosen (D-Nev.) today promoted for the SAFE Banking Act to be consisted of in the last variation of the expense. The arrangement—which would allow banks to serve genuine marijuana organizations in states where it is legal—was consisted of in the House variation of the Competes Act.

“Allowing cannabis businesses operating legally and in compliance with state law to access financial services without federal reprisal would address public safety and compliance challenges, helping communities reduce cash-motivated crimes,” the senators composed. “Enacting the SAFE Banking Act via the jobs and competitiveness legislation before us would support a rapidly growing industry that creates jobs, fosters innovation, supports small businesses, and raises revenue in states that have chosen to legalize cannabis, while reducing safety risks to industry employees and the public alike.”

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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