Thursday, September 26, 2019

House Passes the SAFE Banking Act

By a bipartisan vote of 321 to 103 last night, the House passed the SAFE Banking Act (H.R. 1595).

The bill will provide clarity to financial institutions seeking to serve legitimate cannabis businesses.

With cannabis now legal in some form in 33 states, the bill would allow financial institutions to serve cannabis-related businesses in those states, and prohibit federal regulators from taking action against a bank or credit union solely because cannabis is involved.

The bill now heads to the Senate, where Banking Committee Chairman Mike Crapo (R-ID) has signaled a willingness in recent days to advance a cannabis banking bill.

Here is the vote on the bill.

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