The Senate Banking Committee is set to vote on a bill that would allow banks to provide services to cannabis businesses in states where it is legal. The Secure and Fair Enforcement (SAFE) Banking Act has already passed the House of Representatives and has bipartisan support in the Senate. The bill would provide a solution to the issue of cannabis businesses being forced to operate on a cash-only basis due to federal banking regulations.
The chairman of the Senate Banking Committee, Sen. Sherrod Brown, has stated that the committee will vote on the bill in the next two or three weeks. He has also expressed his support for the bill, stating that it is important to ensure that cannabis businesses have access to banking services and are not forced to operate in a cash-only environment. The SAFE Banking Act has received support from a wide range of organizations, including the American Bankers Association, the Credit Union National Association, and the National Cannabis Industry Association.
These organizations have argued that allowing banks to provide services to cannabis businesses would improve public safety by reducing the amount of cash that is present in these businesses. Opponents of the bill have argued that it would be a step toward federal legalization of cannabis, which they oppose. However, supporters of the bill have argued that it is a necessary step to address the current situation where cannabis businesses are forced to operate in a cash-only environment, which creates safety risks for both the businesses and the communities in which they operate. If the bill is passed by the Senate Banking Committee, it will move on to the full Senate for a vote. While it is unclear whether the bill will receive enough support to pass the Senate, the fact that it has bipartisan support and has already passed the House of Representatives is a positive sign for its prospects. In conclusion, the Senate Banking Committee is set to vote on the SAFE Banking Act in the next two or three weeks.
The bill would allow banks to provide services to cannabis businesses in states where it is legal, which would improve public safety by reducing the amount of cash that is present in these businesses. The bill has bipartisan support and has already passed the House of Representatives, but it remains to be seen whether it will receive enough support to pass the Senate.
