Senate committee advances marijuana banking legislation

A proposed reword of a marijuana banking expense cleared the Senate Banking Committee by bipartisan vote today. The committee voted 14-9 to advance the SAFER Banking Act to the complete Senate for factor to consider, with just a technical modification made to tidy up the expense’s text. The legislation, a modified variation of the SAFE Banking Act, would allow banks to serve genuine marijuana services in states where it is legal.

Committee Chairman Sherrod Brown (D-Ohio) informed senators that no matter how they feel about the legalization of cannabis, the expense was required to make it much safer for services and provider to run in states that have actually legislated marijuana. “Cannabis policies look different in different states, but legal cannabis small businesses and their employees are running into many of the same issues,” he stated. “One of these issues is access to financial services.”

In a declaration after the vote, American Bankers Association President and CEO Rob Nichols stated the expense was urgently required to solve the continuous dispute in between state and federal law so that banks can serve state-authorized marijuana and cannabis-related services while improving public security, taxation and monetary openness. “The status quo is simply untenable for consumers, small businesses and banks operating in states where cannabis is legal,” he stated.


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