House Democrats include marijuana safe harbor for banks in latest COVID relief billPosted by On

WASHINGTON — The Democratic writers of the U.S. House of Representatives’ latest $2.2 trillion COVID relief bill included language to allow financial institutions to service marijuana businesses without fear of penalty.

The revised HEROES Act submitted this week includes the text of the SAFE Banking Act, which would allow banks to offer services to marijuana-related businesses and allows third-party vendors such as landlords and contractors to take on work for a marijuana business without potentially violating money-laundering laws.

As of Wednesday afternoon, House Speaker Nancy Pelosi (D-Calif.) and Treasury Secretary Steven Mnuchin have begun talks on the new bill but failed to reach an agreement. The House is due to vote on the bill late on Wednesday, just days before the chamber adjourns through Election Day.

The first iteration of the HEROES Act, valued at $3.4 trillion, included the language, saying that the current system wherein employees have to bring cash…

Original Author Link click here to read complete story..

News

BanksBillCOVIDDemocratsHarborHouseincludelatestmarijuanareliefsafe

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.