Bipartisan cannabis banking bill clears U.S. House
Author
Brett Mattson
Upcoming Events
Related News
Key Takeaways
On April 19, the U.S. House of Representatives passed the Secure and Fair Enforcement (SAFE) Banking Act of 2021 (H.R. 1996) on a bipartisan vote of 321-101. The bill would shield banks and insurers from federal penalties if they choose to provide services to legitimate cannabis-related businesses.
To date, 47 states and the District of Columbia have legalized some form of cannabis for recreational and/or medicinal purposes, including CBD. This federal legislation would provide relief to what is currently a predominantly cash-only industry, which makes businesses vulnerable to robberies and other crimes, by providing access to checking accounts, loans and other banking services.
The bill now heads to the Senate, where Senate Majority Leader Chuck Schumer (D-N.Y.) has indicated his support for the legislation. However, the Majority Leader has said he would prefer to move the measure as part of a more-comprehensive criminal justice reform package, which could complicate the outlook for passage.
NACo supports legislation that would ensure greater access to banking for legally sanctioned commercial cannabis activities and will continue to monitor this legislation as it moves through Congress.
Advocacy
Cannabis reform included as part of criminal justice bill introduced by Sen. Booker
Related News
Counties reassess license plate surveillance amid privacy concerns
Counties across the country are grappling with how to address mass public backlash against local governments’ use of Flock cameras and other automated license plate readers.
Supreme Court hears county climate case
Boulder County, Colo.'s brief to the Supreme Court contends that ExxonMobil and Suncor Energy “intentionally misled the public” about the impacts of climate change and should pay for damage they say is caused by fossil fuels’ contribution to it.
U.S. House introduces the Nonprofit Security Grant Program Funding Improvement Act to provide upfront security funds to nonprofits
The U.S. House of Representatives introduced the Nonprofit Security Grant Program Funding Improvement Act to provide advance funding to nonprofits receiving federal awards for security improvements.