There’s enough votes in the United States House of Representatives to pass a federal marijuana banking act, according to Congressmember Nancy Mace (R-SC).
The SAFE Banking Act (H.R. 2891) has 124 sponsors in the House, more than any other marijuana-related measure. The proposed law would provide federal protections for banks and credit unions that serve marijuana businesses that are legally licensed under state law. This encompasses recreational marijuana retail outlets in the 23 states that permit them, as well as dispensaries in the 38 medical marijuana states.
Furthermore, the legislation would allow licensed marijuana businesses to take standard IRS tax deductions, a practice currently forbidden.
“I support SAFE 100%, and I would love to see Senate Majority Leader Chuck Schumer to move it forward”, says Rep. Mace. “There are [enough] votes in the House to pass SAFE.”
Mace says that “If Republicans want to keep the House, it’s a good bill to have on the floor.”
Recent polling shows that 63% of U.S. adults support allowing marijuana banking, with just 17% are opposed.
In September, the Senate Banking Committee approved a Senate counterpart of the bill, known as the SAFER Banking Act, with bipartisan support. Senate Majority Leader Chuck Schumer committed earlier this year to bring the measure to a full chamber vote in the “weeks and months ahead.” Schumer has also vowed to combine the SAFE Act with the HOPE Act, which would authorized the Department of Justice (DOJ) “to make grants to states and local governments to reduce the financial and administrative burden of expunging convictions for state cannabis offenses.”
