Financial Trade Groups Urge House to Pass SAFE Banking Act

With the House expected to vote on the SAFE Banking Act as early as next week, the American Bankers Association today joined three financial trade associations in urging lawmakers to pass the bill, which would allow depository institutions to serve the needs of customers in states where cannabis is legal. Introduced by Reps. Ed Perlmutter (D-Colo.), Steve Stivers (R-Ohio), Denny Heck (D-Wash.) and Warren Davidson (R-Ohio), the bipartisan bill is supported by more than 200 cosponsors.

“The SAFE Banking Act of 2019 provides a mechanism for the cannabis industry and its service providers to deposit their cash in regulated financial institutions, which allows our members to meet the needs of their communities and helps those communities reduce cash-motivated crimes, increase the efficiency of tax collections and improve the financial transparency of the cannabis industry,” the groups wrote.

With cannabis now legal in some form in 33 states, ABA continues to urge its members to contact their lawmakers in support of the SAFE Banking Act.