U.S. House To Vote On Cannabis Banking

The “Secure And Fair Enforcement Banking Act of 2019” or the “SAFE Banking Act” which prohibits the Federal banking agencies from taking any adverse action against a depository institution solely because the depository institution provides or has provided financial services to a cannabis-related legitimate business or service provider, will apparently be voted on by the full U.S. House of Representatives this week.


According to MJBizDaily, the bill “will require a two-thirds majority vote to pass because it’s being filed under what is called a suspension of the rules.”

The bill has picked up some Republican support due to the clarification that hemp, which was carved out of the Controlled Substances Act, should also get protection from banking regulators who remain skittish about its production and use.

As usual, getting the bill to the Senate floor is another story.


About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at: http://www.linkedin.com/pub/jeffrey-a-koeppel/0/63/5a9
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