The Home of Representatives voted to pass the Secure Banking Act by a 321 to 103 vote. It received votes in favor from 229 democrats, 91 republicans, and 1 independent.
The Safe and Fair Enforcement Act, co-sponsored by Colorado Democratic Senator Ed Perlmutter, was drafted to give protections to economic institutions that operate with licensed cannabis organizations in legal states.
Though the act passed with an overwhelming majority in the Democratic-controlled Home, some professionals say it could prove tough to pass in the Republican-controlled Senate. There could be some amendments in order to get sufficient votes for the bill to pass the Senate.
If the bill passes in the Senate, it would will need the signature of President Donald Trump in order to come to be law. There is no word at this point on no matter if the president supports the Secure Banking Act.
The bill will push for security inside the cannabis sector.
The Safe and Fair Enforcement legalization was brought to the Home floor Wednesday. The 2019 bill, sponsored by Rep. Ed Perlmutter (D-Colo.) was introduced to eliminate the vague location of marijuana banking guidelines on the federal level.
The common public was in a position to watch history unfold reside Wednesday, as the Home debated and voted on the marijuana banking bill.
Since marijuana is illegal beneath federal law, economic institutions prevent undertaking organization with dispensaries and marijuana organizations in legal states. Banks worry they will be penalized by the federal government.
About H.R. 1595-Secure Banking Act of 2019 from Congress.gov
“Secure and Fair Enforcement Banking Act of 2019 or the Secure Banking Act of 2019
This bill normally prohibits a federal banking regulator from penalizing a depository institution for giving banking solutions to a genuine marijuana-connected organization. Particularly, the bill prohibits a federal banking regulator from (1) terminating or limiting the deposit insurance coverage or share insurance coverage of a depository institution solely due to the fact the institution provides economic solutions to a legitimate marijuana-connected organization (two) prohibiting or otherwise discouraging a depository institution from providing financial services to such a business (three) recommending, incentivizing, or encouraging a depository institution not to supply economic solutions to an account holder solely due to the fact the account holder is affiliated with such a organization (four) taking any adverse or corrective supervisory action on a loan created to a individual solely due to the fact the individual either owns such a organization or owns true estate or gear leased or sold to such a organization or (five) penalizing a depository institution for processing or collecting payments for such a organization.
As specified by the bill, a depository institution shall not, under federal law, be liable or topic to forfeiture for providing a loan or other financial solutions to a genuine marijuana-connected organization.”