The Senate Banking, Housing, and Urban Affairs Committee is currently debating bill S 2155 which makes changes to The Dodd–Frank Wall Street Reform and Consumer Protection Act, commonly referred to as just Dodd-Frank.
There are 80 amendments to be considered, but one is particularly important to the cannabis industry. Banking has been a major hindrance to the marijuana and hemp industries, and the SAFE Banking Bill intends to fix that.
S 1152, which was introduced by Senator Jeff Merkley, prohibits a federal banking regulator from:
terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate marijuana-related business;
prohibiting or otherwise discouraging a depository institution from offering financial services to such a business;
recommending, incentivizing, or encouraging a depository institution not to offer financial services to an account holder solely because the account holder is affiliated with such a business; or
taking any adverse or corrective supervisory action on a loan made to a person solely because the person either owns such a business or owns real estate or equipment leased or sold to such a business.
As specified by the bill, a depository institution shall not, under federal law, be liable or subject to forfeiture for providing a loan or other financial services to a legitimate marijuana-related business.
These debates are happening now and votes are scheduled for this week so be sure to call and/or email committee members and ask them to support this hurdle.
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