GREAT NEWS FOR - $INQD !!!
~ Regarding - The Safe Banking Act - November 23, 2021 ~
The Honorable Jack Reed - Chairman
U.S. Senate Armed Service Committee Washington, DC 20510
The Honorable James Inhofe - Ranking Member
U.S. Senate Armed Service Committee Washington, DC 20510
The Honorable Adam Smith - Chairman
U.S. House Armed Service Committee Washington, DC 20515
The Honorable Mike Rogers - Ranking Member
U.S. House Armed Service Committee Washington, DC 20515
Letter Sent - November 23, 2021
Dear Chairman Reed, Ranking Member Inhofe, Chairman Smith, and Ranking Member Rogers:
In anticipation of the Senate passing the Fiscal Year 2022 (FY22) National Defense Authorization Act (NDAA) following the Thanksgiving state work period, we, as members of the Senate Armed Services Committee, write to request that the final conference bill retain the text of the SAFE Banking Act of 2021. The House of Representatives has passed the SAFE Banking Act five times, most recently as an amendment to the NDAA, and we ask you to ensure that the text of that amendment remains in the final conference version of the bill to be considered by the House and the Senate.
The Secure and Fair Enforcement Banking Act (SAFE Banking Act), as included in the House-passed NDAA, would allow banks, credit unions, and other financial institutions to offer banking services to legally-operating cannabis businesses without fear of punishment by federal regulators.
More than thirty states and the District of Columbia have legalized marijuana for medical use, and sixteen allow adult recreational use. However, financial institutions are often reluctant to transact with cannabis-related businesses, even in states that have some form of legalized cannabis, due to legal and regulatory risks arising from inconsistent federal and state laws. Allowing cannabis businesses operating legally and in compliance with state law to access financial services without federal reprisal would address public safety and compliance challenges, helping communities reduce cash-motivated crimes.
Law enforcement organizations have publicly testified before Congress about the importance of moving large amounts of cash in the cannabis industry into the banking system, where accounts are monitored in accordance with existing federal anti-money laundering laws and the Bank Secrecy Act.1
Enacting the SAFE Banking Act via the NDAA would support a rapidly growing industry that creates jobs, supports small businesses, and raises revenue in states that have chosen to legalize cannabis, while reducing safety risks.
~$INQD / LB / JV = $$$ in 2021 / 2022 & Beyond ~
AI
