INDUSTRY UPDATES
September 22, 2019
Hemp Banking Bill to hit U.S. House Floor – We Need Your Action TODAY
Legislation that would encourage U.S. banks and credit card companies to do business with hemp and CBD companies will hit the floor of the U.S. House of Representatives in the next few days. We need your help TODAY in ensuring that it is passed.
Difficulty in finding banks and credit card companies to handle financial transactions has been plaguing the hemp industry for many months. Too many financial institutions refuse to do business with hemp and CBD companies, worried about the risk that they will be sanctioned by federal agencies.
U.S. Rep. Andy Barr (KY) has stepped forward with a solution. Language that he drafted in close consultation with the U.S. Hemp Roundtable was added to the SAFE Banking Act, a bill pending that would provide federal protections for banking with all cannabis businesses. Specifically, Rep. Barr’s language would:
- Provide a safe harbor for hemp financial transactions, ensuring that banks and other financial institutions would not face federal punishment for those activities; and
- Direct 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. The bill will go before the full House in a matter of days, so it is critical that we act now. Please use our online portal to email your Member of Congress to urge them to vote for passage of the SAFE Banking Act with the hemp provisions included.
