119 members of the United States House of Representatives are now sponsoring the SAFE Banking Act to allow marijuana banking.
(Photo credit: GETTY Images).
Yesterday, Congressmember Chris Deluzio (D-PA) signed on as a cosponsor for the SAFE Banking Act, bringing the total number of sponsors to 119 (109 more than when it was filed last April). The proposed law would allow banks and credit unions to provide financial services to marijuana businesses that are licensed under state law. A Senate version of the measure —the SAFER Banking Act— currently has 36 sponsors and has been passed through the Senate Banking Committee.
The SAFE Banking Act would also remove an IRS rule that prohibits marijuana businesses from taking standard tax deductions even if they’re legal under their state’s laws.
Recent polling shows that 63% of U.S. adults favoring Congressional action to allow cannabis businesses access to essential financial services in states where cannabis is legally recognized, compared to 17% opposed.
Today, the Department of Justice officially published the Biden Administration’s proposed rules that would move marijuana from Schedule I to Schedule III. Although some argue this would allow banks to provide services to medical marijuana dispensaries, it is not expected to have any impact on the recreational marijuana industry, as would be the case with the SAFE and SAFER Banking Acts.
