ABA Urges House to Pass SAFE Banking Act

With a vote expected on H.R. 1595, the SAFE Banking Act, as early as tomorrow, the American Bankers Association today wrote to House leaders offering support for the bipartisan bill, which would provide clarity about serving legitimate cannabis businesses. While the association did not take a position on the legalization of cannabis, it noted that it is now legal in some form in 33 states, and that immediate action is needed to help address the public safety and tax challenges in communities where cannabis-related businesses operate.

“The SAFE Banking Act, as amended, is an important measure that helps clarify many issues for the banking industry, regulators, businesses and consumers,” ABA President and CEO Rob Nichols wrote. “It also provides immediate relief for urgent public safety and cannabis industry oversight challenges, which will help keep our communities safe and should not be delayed while Congress works to build consensus on broader questions of national drug policy. ABA urges members of the House to support H.R. 1595.”