Crapo Raises ‘Concerns’ on SAFE Banking Act, Seeks Feedback on Cannabis

Senate Banking Committee Chairman Mike Crapo (R-Idaho) yesterday expressed reservations about the American Bankers Association-supported SAFE Banking Act, which was passed by a strong bipartisan vote in the House earlier this year. In a statement, Crapo said he had “significant concerns” about the bill, particularly related to public health and safety, legacy cash, money laundering and interstate commerce and banking, and asked for public feedback on how to best address these issues.

“We respect Chairman Crapo’s request for additional public input on the SAFE Banking Act, and we look forward to providing the Senate Banking Committee with the information it needs,” said ABA EVP James Ballentine. “We continue to believe that the SAFE Banking Act responsibly addresses the current legal limbo over cannabis banking, and a strong bipartisan majority in the House shares that view.”

Crapo also asked for feedback on “Operation Choke Point,” an Obama-era policy that sought to curtail disfavored businesses by working through regulators to pressure banks into ending customer relationships. Those interested in submitting feedback should email  submissions@banking.senate.gov.

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