January 31, 2022

Rep. Perlmutter’s Last Shot To Secure SAFE Banking Before Retirement

Rep. Perlmutter’s Last Shot To Secure SAFE Banking Before Retirement

The Secure and Fair Enforcement (SAFE) Banking Act has another chance thanks to bill champion Rep. Ed Perlmutter (D-CO), who announced Friday that he had filed the legislation as an amendment to the America COMPETES Act. This is his last attempt to secure financial protections for all legally operating U.S. cannabis businesses before retiring from Congress.

I have filed #SAFEBanking as an amendment to #AmericaCOMPETES b/c cannabis-related businesses – big and small – are in desperate need of access to capital & the banking system in order to operate in an efficient, safe manner & compete in the growing global cannabis marketplace.

— Rep. Ed Perlmutter (@RepPerlmutter) January 28, 2022

The America COMPETES Act was introduced in the House last week, and while it does not deal directly with cannabis-related issues, its broader scope encompasses research and innovation in the tech and manufacturing sectors. The next steps will be markups and revisions to the new SAFE Banking Act amendment by the House Rules Committee, which are set to begin by the panel this week.

While Rep. Perlmutter successfully secured SAFE Banking to the FY22 National Defense Authorization Act (NDAA) through the House, the Senate stopped the legislation in its tracks by removing his amendment from the proposal. At this point, SAFE Banking has cleared the House in five forms, only to be stalled in the Senate.

In September, Senate Majority Leader Chuck Schumer (D-NY) said that he and his colleagues have an “agreement” that the body will not take up cannabis banking legislation until more comprehensive legislation moves. However, a recent Marijuana Moment report says the Leader has indicated that he would be open to advancing a cannabis banking policy change if certain equity provisions would attached to it.

Help SAFE Banking across the finish line!

Let’s make Rep. Perlmutter’s last session count by getting SAFE Banking signed into law. Please use our Federal Action Center TODAY to contact your members of Congress asking them to include and pass The SAFE Banking Act as part of The America COMPETES Act.

Watch these USHempTV interviews with Rep. Perlmutter to learn more about SAFE Banking and why it’s so urgent for cannabis businesses.