Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Politics

Senate advances bill to allow marijuana industry to bank with financial institutions

by September 28, 2023
September 28, 2023
Senate advances bill to allow marijuana industry to bank with financial institutions

A new bill that will allow the legal marijuana industry to bank with financial institutions cleared a big hurdle in the Senate on Wednesday.

The Secure and Fair Enforcement Regulation Banking Act (SAFER Act) was approved by the Senate Banking Committee in a 14-9 vote Wednesday morning. The bill will now proceed to the full chamber for a final vote.

Senate Majority Leader Chuck Schumer, D-N.Y. – one of the bill’s staunch supporters – said on the floor Wednesday morning the upper chamber will prioritize passing the bill.

‘I will bring SAFER banking to the floor for a vote as quickly as possible,’ Schumer said in his opening remarks. ‘For too long, cannabis businesses have been forced to rely primarily on cash transactions. No credit or debit cards, dealing only in cash, stifles these businesses’ growth, opens them up to so many risks, makes them easy targets for theft, robbery and other crimes.’

The SAFER Act, authored by Sens. Jeff Merkley, D-Ore., and Steve Daines, R-Mont., was introduced last week with some bipartisan support. While 39 states have already legalized marijuana, the industry has been a target of theft and crime as they are required to make only cash transactions.

The legislation, which allows cannabis businesses access to insurance and other financial services, prevents banking institutions from closing an account unless there is a ‘valid’ reason. 

‘Personal beliefs or political motivations’ are also not permissible reasons to terminate clients’ accounts, according to the bill.

Even though Daines co-authored the bill, he said during Wednesday’s mark up he doesn’t support the federal legalization of marijuana – rather, he narrowed in on his support for legal cannabis businesses being permitted to utilize banking services.

‘This bill is about public safety first and foremost,’ Daines said. ‘The current all-cash model of legal cannabis businesses makes them targets for theft, for tax evasion, and for organized crime.’

He added, ‘The key to addressing this risk is by ensuring all legal businesses have access to the banking system.’

The U.S. Department of Health and Human Services (HHS) recently proposed relaxing some restrictions on marijuana by reclassifying it from a Schedule I to a Schedule III drug.

The prior iteration of the bill, known as the SAFE Banking Act of 2021, did not succeed in obtaining a Senate vote, even though it had been passed by the House seven times.

If the bill clears the Senate, it will then have to battle for survival in the GOP-controlled lower chamber. 

Jamie Joseph is a writer who covers politics. She leads Fox News Digital coverage of the Senate. 

This post appeared first on FOX NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Fetterman says US should ‘take back’ Chinese-owned farmland: ‘They’re taking back our pandas’
next post
David Erfle: Gold Sector Looking for a Bottom, M&A Needed

Related Posts

‘Unmitigated s—show’: House Republicans fume over speaker vacancy...

October 9, 2023

8 House Democrats join Republicans in voting to...

September 15, 2023

Doctor who headed Navajo Nation COVID response tapped...

July 28, 2023

Graham: US attorney in charge of Hunter probe...

June 29, 2023

McConnell says behavior of lawmakers not his responsibility...

November 15, 2023

Biden challenger Phillips says special counsel report ‘affirms’...

February 9, 2024

Marjorie Taylor Greene moves to censure Rashida Tlaib...

October 27, 2023

Blackburn criticizes evenhanded Biden admin call to end...

October 10, 2023

Biden’s secret weapon in previous national debates may...

June 24, 2024

Nancy Pelosi repeatedly urges White House audience to...

August 17, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

    • Blue Lagoon’s Dome Mountain Joins BC’s Select List of Permitted Projects

    • Harmony Gold to Acquire MAC Copper in US$1.03 Billion Deal

    • NorthStar Gaming Announces Results of Annual Meeting and Grant of Equity Incentive Awards

    • Allied Critical Metals Commences 5,000 Metre Drill Program at its Borralha Tungsten Project

    • SOURCE ROCK ROYALTIES ANNOUNCES FIRST QUARTER 2025 RESULTS

    Categories

    • Business (1,223)
    • Investing (2,509)
    • Politics (3,699)
    • Stocks (1,617)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved