Should depository institutions be protected from penalization while doing business with legal cannabis-related businesses?

This bill has Passed the House of Representatives
Bill Summary

This bill is centered around preventing penalties against depository institutions for providing banking services for legal cannabis businesses. The limitations include penalties that would be enforced solely due to the linkage between the depository institution and the cannabis business. Under this bill, proceeds from cannabis transactions are not considered revenue due to unlawful activity. Federal agency banking will not be able to request depository institutions to terminate their account with cannabis-related businesses unless they have a avoid reason for the request or the reason is not centered around reputation. The bill also lowers the cap on surplus funds of the Federal Reserve Bank. Sponsor: Rep. Ed Perlmutter (Democrat, Colorado, District 7)
View full bill text ➔

How do you feel?

You can still save your opinion to your scorecard, but since the vote has already taken place, your opinion won't be sent to your lawmakers.

Opponents say

•    There are currently no official opposing statements to this bill. It has passed the House of Representatives with bipartisan support. When opposing statements are available, we will update this summary.

Proponents say

•    "The cannabis industry has been operating with great success, with many of these businesses deemed essential as the coronavirus pandemic took hold. However, without the ability to safely utilize the banking system, cannabis-related businesses are left behind and stuck resorting to tactics that can threaten public safety and economic success… help create jobs in communities throughout America, while stimulating the economy as we recover from the fallout of the pandemic."Source: Rep. Nydia M. Velázquez (Democrat, New York, District 7)


•   
"I’m excited we’re reintroducing SAFE Banking, again with bipartisan support. This bill is an important hedge against financial cancellation, and it will protect businesses and industries that find themselves out of favor with the latest trends of the day. Today we’re talking about banking cannabis, hemp, and firearms, but tomorrow there could be another industry that has its access to the banking system threatened by statute or by public opinion. With SAFE Banking, as long as its legal in the jurisdiction, no bank should be compelled to cancel their customers by a mob saying, ‘You aren’t going to bank THOSE people are you?’ Sadly, that has already happened too often in American history and it must end."Source: Rep. Warren Davidson (Republican, Ohio, District 8)