Federal Cannabis Banking Bill Scheduled for Hearing This Week

The House’s marijuana banking bill, known as the SAFE Banking Act, now has 206 co-sponsors and its hearing will take place this month.

Governors from 20 states and 50 state banking associations are supporting the bill, Forbes reported. Top financial regulators for 25 states and the National Association of State Treasures also support the bill.

President and CEO of CUNA (Credit Union National Association), Jim Nussle said, “At its heart, cannabis banking is a public safety issue. It’s an $8.3 billion industry that’s currently being forced to operate almost entirely in cash. While 33 states, territories and DC have legalized cannabis, it’s been overwhelmingly difficult to provide these businesses financial services because handling transactions are currently considered money laundering. Credit unions have been leading the way in helping to get this money off the streets. We are dedicated to finding a solution to this ongoing challenge that impacts every community around the country, and look forward to working with Senate leaders during this hearing and with Congress at large.”

The bill’s supporters are hoping that action is taken on the bill before the August recess.