Bipartisan group introduces bill to clear banks to work with cannabis retailers
Brady Knox
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Members of Congress in both parties introduced legislation to clear banks to work with legal cannabis dispensers.
Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT) introduced the Secure and Fair Enforcement Banking Act of 2023, while Reps. Dave Joyce (R-OH) and Earl Blumenauer (D-OR) introduced a companion bill in the House. The bills would authorize regulated banks to work with cannabis distributors in states where the substance is legal.
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A bipartisan group of lawmakers is co-sponsoring the bill, including Sens. Cynthia Lummis (R-WY), Bill Cassidy (R-LA), Lisa Murkowski (R-AK), Dan Sullivan (R-AK), Kevin Cramer (R-ND), and Rand Paul (R-KY). It was greeted with bipartisan support in 2019 as well, with more than 100 Republicans voting in favor in the House, Punchbowl News reported.
The current bill was described by the outlet as “skinny,” as pro-cannabis legislators are trying to push reform through one bill at a time rather than attempting to push through a large, wider-encompassing bill that would likely cause Republicans to hesitate.
Merkley and Daines framed the bill as something that was needed to reduce and fight crime.
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“Forcing legal businesses to operate in all-cash is dangerous for our communities; it’s an open invitation to robbery, money laundering, and organized crime — and it’s way past time to fix it. For the first time, we have a path for SAFE Banking to move through the Senate Banking Committee and get a vote on the floor of the Senate,” the senator from Oregon said.
“Montanans should be able to conduct their small business without fearing for their safety. My bipartisan bill would provide the security and peace of mind that legal Montana cannabis businesses need to freely use banks, credit unions and other financial products without a fear of punishment. This bill will help keep our Montana communities safe, keep crime off the streets, support Montana small businesses and bolster local economies,” Daines said.