SAFE Banking Act

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The SAFE Banking Act (H.R. 1595) (full title Secure and Fair Enforcement (SAFE) Act; also referred to as the SAFE Banking Act of 2019) is proposed legislation regarding disposition of funds gained through the cannabis industry in the United States. On March 7, 2019, the bill was introduced in U.S. House of Representatives by Ed Perlmutter (Democrat from Colorado) and was referred to the Judiciary and Financial Services Committees.[1] On March 28, 2019, the Financial Services Committee voted 45 to 15 to advance the bill to the full House.[1][2][3] The bill had "broad bipartisan support",[4] and there were 152 cosponsors at the time of the committee vote – over a third of the entire House.[5] Perlmutter, along Washington Representative Denny Heck, "have introduced similar bills every Congress since 2013".[6] On April 11, 2019, Oregon Senator Jeff Merkley introduced a companion bill in the U.S. Senate and the bill was referred to the Senate Banking, Housing, and Urban Affairs Committee.[7] On June 6, 2019, the House bill moved out of committee and was placed on the Union Calendar for a vote.[8]

As of June 5, 2019, the House bill had 206 cosponsors (including U.S. House Judiciary Committee Chair Jerry Nadler and U.S. House Financial Services Committee Chair Maxine Waters),[9] and the Senate bill had 30 cosponsors.[10]

References[edit]

  1. ^ a b "Actions - H.R.1595 - 116th Congress (2019–2020): SAFE Banking Act of 2019". www.congress.gov. Retrieved May 8, 2019.
  2. ^ Bruce Barcott (March 28, 2019). "Enough Talk! Congress Takes Action on Key Cannabis Legislation". Leafly.
  3. ^ Andrew G. Simpson (March 29, 2019). "House Committee Passes Bill to Protect Banks, Insurers Serving Marijuana Businesses". Insurance Journal.
  4. ^ https://www.rollcall.com/news/congress/a-pot-banking-bill-is-headed-to-house-markup-with-bipartisan-support
  5. ^ Perlmutter press release March 28, 2019
  6. ^ Jeanne Friedel (February 20, 2019), "Cannabis's Banking Problem", law blog, Scott Candell and Associates Attorneys at Law
  7. ^ "Actions - S.1200 - 116th Congress (2019–2020): Secure And Fair Enforcement Banking Act of 2019". www.congress.gov. Retrieved May 8, 2019.
  8. ^ Kyle Jaeger (June 6, 2019). "Bipartisan marijuana banking bill quietly advances in House as floor vote approaches". The Boston Globe.
  9. ^ "Cosponsors - H.R.1595 - 116th Congress (2019–2020): SAFE Banking Act of 2019". www.congress.gov. Retrieved May 8, 2019.
  10. ^ "Cosponsors - S.1200 - 116th Congress (2019–2020): Secure And Fair Enforcement Banking Act of 2019". www.congress.gov. Retrieved May 8, 2019.

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