SAFE Banking Act Addressing Cannabis Banking Introduced In CongressPosted by On

Congress is poised to consider legislation that would give cannabis companies access to banking. The Secure and Fair Enforcement (SAFE) Banking Act of 2019 was introduced Thursday following a hearing held last month.

What Happened

The bill was authored by Rep. Ed Perlmutter, a Democrat from Colorado, and Rep. Denny Heck, a Democrat from Washington, and cosponsored by Rep. Warren Davidson and Rep. Steve Stivers, both Republicans from Ohio.

The SAFE Banking Act of 2019 aims “to create protections for depository institutions that provide financial services to cannabis-related legitimate businesses and service providers for such businesses, and for other purposes.”

The bipartisan bill comes after the Subcommittee on Consumer Protection and Financial Institutions held a Feb. 13 hearing where a number of experts, including the California state treasurer; representatives of law…

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