As we’ve written about over the previous a number of years, there have been constant rallying cries for common sense banking reform for the hashish trade.
The SAFE Banking Act, which might enable federally regulated monetary establishments to work with state-legal hashish companies, has been handed by the U.S. Home of Representatives a whopping seven instances. Nonetheless, the Senate has but to take up the SAFE Banking Act, ever – even supposing it’s sponsored by Senator Jeff Merkley and has 42 co-sponsors.
The ICBA letter
The Impartial Neighborhood Bankers Affiliation (“ICBA”) is now urging Senate Majority Chief Chuck Schumer (D-NY) and Minority Chief Mitch McConnell (R-KY) to do one thing with the invoice by the tip of the yr, on this lame duck session of Congress. The letter penned by the ICBA and 44 state banking associations states:
This laws enjoys sturdy, bipartisan assist, would resolve a battle between state and federal regulation, and addresses a essential public security concern. We urge its enactment with out additional delay … The Act would create a protected harbor from federal sanctions for monetary establishments that serve cannabis-related companies (CRBs), in addition to the quite a few ancillary companies that serve them, in states and different jurisdictions the place hashish is authorized. Current polling discovered that two-thirds of voters assist hashish banking entry.
The ICBA survey: that is what the folks need!
The letter cites to that ICBA survey carried out in September 2022 – whereby 71% of voters agree that permitting cannabis-related companies to entry the banking system “would assist cut back the chance of theft and assault at cannabis-related companies — exhibiting the significance of the coverage to public security.”
The ICBA’s polling additionally discovered:
- Greater than 80% of voters say that working completely in money will increase the chance of theft or theft.
- 62% agree that proscribing cannabis-related companies from accessing banks is a risk to public security.
- 63% agree that permitting cannabis-related companies to entry banks will enhance public security.
- 58% say a Senate vote on establishing a protected harbor for hashish banking is necessary.
However will the Secure Banking Act transfer?
Sadly, this isn’t the primary time gamers in each the banking and hashish industries have been ignored by the Senate: comparable letters have been despatched and publicized all through the years. Whereas we’re uncertain that this can transfer the needle, we are going to proceed to hope that this essential legislative reform will occur very quickly for everybody’s profit.