INDUSTRY UPDATES
September 26, 2019
Great news from Capitol Hill: The SAFE Banking Act has passed the US House of Representatives!
Great news from Capitol Hill: The SAFE Banking Act has passed the US House of Representatives by a vote of 321 to 103! As we informed you on Monday, thanks to the leadership of Rep. Andy Barr (KY) – who closely consulted with the U.S. Hemp Roundtable — the SAFE Banking Act, originally a marijuana-only bill, was amended to encourage U.S. banks and credit card companies to do business with hemp and CBD companies. Specifically, the bill:
- Provides a safe harbor for hemp financial transactions, ensuring that banks and other financial institutions would not face federal punishment for those activities; and
- Directs the federal financial regulators (FDIC, Federal Reserve, etc.) to issue clear, formal guidance to banks, credit card companies and other financial institutions about the legality of hemp and CBD commerce.
Check out Sections 11-12 of the SAFE Banking Act for details and read more about it here.
While this is a big battle won, the full war still remains. In order to become law, the US Senate must pass the bill as well. And the fight there will be tougher.
That’s why we need your help.
Please access our web portal and send emails to your two U.S. Senators to urge them to support the hemp provisions in the SAFE Banking Act. And please share this message with your friends and social media contacts.
When we lift our voices, we win!
