32 Attorneys General Call On Congress To Pass Cannabis Banking Bill
A group of 32 state and territorial attorneys general last week sent a letter to congressional leaders, calling on them to swiftly pass legislation that would ease access to common banking services for legal cannabis businesses. The letter, which was led by the attorneys general for Washington, D.C., Georgia, Maryland and Ohio, seeks approval for the Secure and Fair Enforcement Regulation (SAFER) Banking Act and asks that the measure be taken up in Congress this legislative session, according to a report from online cannabis news source Marijuana Moment.
'We are a bipartisan group of state and territorial attorneys general who, like you, have a strong interest in protecting the physical and economic wellbeing of our constituents while enabling economic growth and stability in our respective states,' the attorneys general wrote in the letter. 'We therefore urge Congress to advance this legislation, which will increase access to regulated banking and financial services for state-regulated cannabis businesses in jurisdictions that have legalized these businesses.'
House Has Passed Cannabis Banking Bill Seven Times
The U.S. House of Representatives passed a previous version of the SAFER Act known as the Secure And Fair Enforcement (SAFE) Banking Act at least seven times with bipartisan support. If passed, the legislation would ease access to traditional banking services to cannabis companies operating legally under state or tribal law.
Under current federal law, providing such services is strictly regulated, leaving many businesses—particularly small, independent operators—without access to bank accounts, credit card processing and other financial services. As a result, many businesses operate strictly in cash, leaving operators, their customers and staff vulnerable to crime.
'It is increasingly critical to move cannabis commerce into the regulated banking system. The majority of states and several territories have legalized some use of cannabis,' the attorneys general wrote in their letter. 'As more states continue to consider and implement legalization efforts, the lack of access to America's financial system by cannabis businesses—which is a direct result of federal banking law—presents a considerable safety issue for the public.'
'Allowing access to the nation's regulated banking system is crucial to public safety and to ensuring that lawful businesses in our states have access to regulated banking services,' they added.
Bill Calls For Cannabis Banking Guidance From Federal Regulators
The SAFER Banking Act is the result of months of negotiation between senators over several provisions of the original SAFE Banking Act. Under the measure, federal regulators would be required to 'develop uniform guidance and examination procedures – including legacy cannabis-related deposits' and 'update guidance related to hemp-related businesses and service providers.' Regulators would be prohibited from ordering banks to close an account 'unless there is a valid reason.' The legislation also includes language to protect employees of state-legal cannabis businesses attempting to obtain residential mortgages funded by federal programs.
The SAFER Banking Act would give regulated cannabis companies easier access to traditional business ... More banking services.
'The SAFER Banking Act is common-sense, bipartisan, and will beneficially impact the safety of the nearly 75 percent of Americans who live in a state where cannabis has been legalized,' the letter concludes. 'The bill respects both state sovereignty and the current status of cannabis at the federal level. It does not encourage legalization, nor does it facilitate cannabis sales in states that have chosen not to legalize it.'
The SAFER Banking Act gives the Treasury secretary one year to publish updated guidance for banks that serve the cannabis industry. The previous version of the bill allowed only 180 days for the update to the guidance, which was first issued under the Obama administration in 2014. The guidance requires banks, credit unions and depository institutions that serve marijuana businesses to submit Suspicious Activity Reports (SARs) about their cannabis clients. The bill was also amended with technical changes that revised language on how cannabis-related financial transactions should not be considered 'proceeds from an unlawful activity.'
'When legal cannabis businesses are forced to operate in cash, it's not just inefficient – it's dangerous,' Arizona Attorney General Kris Mayes said in a statement about the letter. 'The SAFER Banking Act is a practical solution that will protect workers and communities while ensuring Arizona can effectively collect taxes and oversee this growing industry.'
In January, Republican Rep. Dave Joyce of Ohio, the SAFER Banking Act lead in the House of Representatives, said that he would be introducing the legislation this session. He added, however, that its introduction was 'not imminent,' Marijuana Moment reported.
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