The SAFE Banking Act to allow marijuana banking nationwide has just garnered its 116th sponsor in the United States House of Representatives.
Congressmember Jahana Hayes (D-CT) has become the latest lawmaker to sponsor the SAFE Banking Act, a bipartisan measure that now has 116 sponsors, well more than any other marijuana-related bill in US history. A Senate version of the bill, the SAFER Banking Act, is sponsored by 36% of the entire Senate, with it passing the Senate Banking Committee in September.
The SAFE Banking Act was filed last April, with 10 original sponsors. In the 12 month since, the measure has garnered over 100 additional sponsors. Congressmember Hayes officially joined as a cosponsor on 4/20.
The SAFE Banking Act would explicitly allow all accredited banks and credit unions to provide a plethora of banking services (debit card processing, bank loans, etc.) to marijuana businesses that are following state law. Under current law banks are not allowed to service marijuana businesses, even those licensed under state law, forcing most to operate on a dangerous cash-only model that increases their risk of robbery.
The measure would also amend IRS regulations that current prohibit state-legal marijuana businesses from taking standard businesses tax deductions because they are selling a federally illegal drug. The SAFE Banking Act would allow these businesses to take standard IRS tax deductions.
According to polling released earlier this week, “by a greater than a 3-to-1 margin (63% support vs. 17% oppose) U.S. adults support Congress passing legislation that allows cannabis businesses to access banking services and financial products like checking accounts and business loans in states where cannabis is now legal”.
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