Tag

Safe Banking Act

All articles tagged with #safe banking act

politics2 years ago•5 min saved

Senate Committee Set to Vote on Marijuana Banking Bill in September

The Senate Banking Committee is expected to vote on the bipartisan marijuana banking bill, known as the Secure and Fair Enforcement (SAFE) Banking Act, during the last week of September. The tentative date for the committee vote is September 27, pending official announcement. The bill may undergo amendments related to broad banking regulations, Small Business Administration (SBA) access, and stock uplisting for the cannabis industry. Senate Majority Leader Chuck Schumer has expressed support for the bill and has pushed for the inclusion of incentives for state-level cannabis expungements. The SAFE Banking Act currently has 42 cosponsors, including eight Republicans and three independents.

via Marijuana Moment|

#bipartisan-legislation #cannabis-industry #marijuana-banking-bill

politics2 years ago•5 min saved

Federal Reform for Legal Marijuana Moves Forward

A committee hearing is expected to take place at the end of September for the bipartisan bill known as the SAFE Banking Act, which aims to expand banking services for legal marijuana businesses. The Senate Banking, Housing, and Urban Affairs Committee is anticipated to hold a markup session for the bill, with both Republicans and Democrats expressing support and confidence in its passage. The bill would allow legal marijuana businesses to use major financial institutions, addressing the current issue of banks facing federal prosecution for providing services to such businesses. While the fate of the bill in the House remains uncertain, there has been a growing shift among Republicans in support of federal marijuana reform.

via NBC News|

#bipartisan-bill #cannabis-reform #federal-marijuana-legalization

cannabis2 years ago•5 min saved

Marijuana Banking Vote Delayed Despite State Associations' Rally

A coalition of state marijuana associations, including the American Trade Association for Cannabis and Hemp (ATACH), is urging Senate leaders to pass the Secure and Fair Enforcement (SAFE) Banking Act without delay. The associations argue that the current lack of access to banking services for marijuana businesses is leading to public health and safety risks, including armed robberies and violence. However, the letter comes after Senate Banking Committee Chairman Sherrod Brown reportedly stated that there will be no vote on the bill in his panel next week. Disagreements over certain sections of the bill and the inclusion of social justice reforms have contributed to the delay.

via Marijuana Moment|

#cannabis #financial-services #marijuana-banking

cannabis-industry2 years ago•7 min saved

Coalition Urges Senate to Pass Marijuana Banking Bill for Industry Access to U.S. Financial System

Banking associations representing all 50 U.S. states, as well as various other financial, insurance and union organizations, are calling for Senate committee passage of a marijuana banking bill “as quickly as possible.” The Secure and Fair Enforcement (SAFE) Banking Act would allow banks to handle the proceeds from state-licensed cannabis businesses and the accountants, skilled trades, landlords, law firms, and other service providers they rely upon for legal operations. The inability of the state-licensed cannabis industry to access safe and regulated financial services is a pressing concern for so many of our nation’s communities and the banks that serve them.

via Marijuana Moment|

#american-bankers-association #cannabis-industry #financial-services

politics2 years ago•6 min saved

Senate Committee Expands Marijuana Banking Hearing with Additional Witnesses

The U.S. Senate Banking Committee has added new witnesses who will testify at a hearing on bipartisan marijuana banking bill this week. In addition to the top bipartisan sponsors of the Secure and Fair Enforcement (SAFE) Banking Act, an equity-focused cannabis reform activist, a union representative, a cannabis financial services company executive and a leading prohibitionist advocate will also share their perspective on the legislation and underlying financial services issues in the cannabis industry at Thursday’s hearing. Senators on both sides of the aisle have been pushing for urgent action on the standalone SAFE Banking Act, which would protect banks that work with state-legal cannabis businesses from being penalized by federal regulators.

via Marijuana Moment|

#cannabis-reform #equity #marijuana-banking

politics2 years ago•5 min saved

Lawmakers Push for Cannabis Banking Bill with Justice Provisions.

Senate Majority Leader Chuck Schumer is committed to passing the Secure and Fair Enforcement (SAFE) Banking Act, which would protect banks that work with state-legal cannabis businesses from being penalized by federal regulators. However, he also wants to work on an expanded package that promotes equity in the industry and justice for people harmed by the “war on drugs.” Schumer said that while the banking fix is imperative, “the work will continue” on a so-called SAFE Plus package that is also expected to contain language on cannabis expungements and gun rights for cannabis consumers.

via Marijuana Moment|

#cannabis-industry #chuck-schumer #criminal-justice

business2 years ago•3 min saved

SAFE Banking Act reintroduced, bringing hope to cannabis industry and boosting weed stocks.

Lawmakers reintroduced the Secure and Fair Enforcement (SAFE) Banking Act in the House and Senate on Wednesday, after the legislation designed to free up banking services for the cannabis industry stalled in last year's Congress. The bill, which has been tweaked since last session, was introduced by Sen. Jeff Merkley, D-Ore., Sen. Steve Daines, R-Mont., Rep. Dave Joyce, R-Ohio, and Rep. Earl Blumenauer, D-Ore. If the critical banking and financial protections advance through committees, they could see a vote on the Senate floor for the first time. The bipartisan nature of the SAFE Banking Act's reintroduction appeared to boost hopes of more relief to come in the industry.

via CNBC|

#banking #business #cannabis