A cannabis banking bill co-sponsored by more than 150 representatives has garnered the approval of the Financial Services Committee in the United States House of Representatives.
On Thursday, the committee voted 45-15 to advance HR1595, a bipartisan piece of legislation that would create protections for depository institutions such as banks and savings associations that work with legitimate cannabis businesses in legal states and on tribal land.
Known as the SAFE Banking Act, the bill would also protect ancillary businesses from prosecution.
“The SAFE Banking Act would go a long way toward improving safety, transparency, access, and justice in the cannabis industry, said National Cannabis Industry Association executive director, Aaron Smith in a statement. “The amendments agreed upon in committee should solidify the already overwhelming support for this legislation in the House.”
Should HR1595 pass, it would require the Financial Institutions Examination Council to create uniform guidance and examination procedures for institutions that provide financial services within 180 days of the bill’s enactment.
“The cannabis and financial services industries have been waiting for clarification and protection for far too long,” said Smith. “And we are confident the House would approve this bill if allowed to vote on it without further delay.”
Protections provided by the bill would also apply to tribal land, the District of Columbia, Puerto Rico, and any territory or possession of the United States.
With committee approval secured, HR1595 now goes back to the House for further consideration.
