Terminating or limiting a bank’s federal deposit insurance primarily because the bank is providing services to a state-sanctioned cannabis business or associated business ģ. Prohibiting, penalizing or discouraging a bank from providing financial services to a legitimate state-sanctioned and regulated cannabis business, or an associated business (such as a lawyer or landlord providing services to a legal cannabis business) Ģ. Specifically, the SAFE Banking Act would prevent federal banking regulators from:ġ. “The SAFE Banking Act is a bipartisan solution that will help grow our economy and enable banks to provide financial services to this industry without fear of being penalized.” “ Legal cannabis businesses need access to safe and stable financial services to keep their employees, business, and community safe,” said Senator Gillibrand. The SAFE Banking Act is led by Senator Jeff Merkley (D-OR), Senator Steve Daines (R-MT), Congressman Dave Joyce (R-OH-14), and Congressman Earl Blumenauer (D-OR-03). Due to the lack of access to financial services, state legal cannabis businesses are forced to operate their businesses solely using cash, opening the door to potential tax evasion and increasing the potential for criminal activity. Most state legal medicinal or recreational cannabis businesses are denied access to traditional and secure banking systems and financial services because banks fear they may be prosecuted under federal law given the ongoing federal restrictions on cannabis. Senator Kirsten Gillibrand is pushing for the bipartisan, bicameral Secure and Fair Enforcement (SAFE) Banking Act to ensure that legal cannabis businesses have access to critical banking and financial services.
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