Majority of State Attorneys General Urge Congress to Support SAFE Banking Act
Washington DC – The National Cannabis Roundtable today applauded the National Association of Attorneys General and a bipartisan group of 38 state attorneys general for urging Congress to pass the Secure and Fair Enforcement (SAFE) Banking Act.
The conflict between state and federal cannabis laws makes it “difficult to track revenues for taxation and regulatory compliance purposes, contributes to a public safety threat as cash-intensive businesses are often targets for criminal activity, and prevents proper tracking of billions in finances across the nation,” said 38 state attorneys general in a letter to House and Senate leaders.
“We need a sensible framework for states, territories and legal operating cannabis businesses to realize the full benefit of the fastest growing industry in the U.S,” said Terry Holt, NCR spokesman.
The top financial services leaders from 24 U.S. states and territories last month expressed their support for cannabis banking reform in a letter to House and Senate leaders.
The SAFE Banking Act currently has 173 cosponsors in the House and recently passed out of House Financial Services Committee by a vote of 45 to 15. Parallel legislation was introduced in the Senate by Senators Cory Gardner (R-CO) and Jeff Merkley (D-OR) along with 22 cosponsors.