US House Committee Passes First-Ever Marijuana Banking Bill
The bill, approved by the House Committee on Financial Services, is a top priority for a marijuana industry largely shut out of mainstream banking.
March 28, 2019 at 11:54 AM
4 minute read
The original version of this story was published on National Law Journal
U.S. House Democrats on Thursday advanced legislation to give cannabis businesses greater access to banking, approving protections for financial institutions for the first time in six years of legislative attempts.
The Secure and Fair Enforcement Banking Act would offer legal safe harbor for banks and credit unions that choose to serve state-approved marijuana-related businesses if they comply with a set of reporting requirements.
The bill, approved by the House Committee on Financial Services in a 45-15 vote, is a top priority for a marijuana industry largely shut out of mainstream banking and forced to deal in large sums of cash.
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