The SAFE Banking Act - Will it Pass the Senate?

Call Senators Burr and Tillis and tell them they are keeping Cannabis Companies in Limbo

The SAFE Banking Act (H.R. 1595/S.1200) (full title Secure and Fair Enforcement (SAFE) Act; also referred to as the SAFE Banking Act of 2019) is legislation allowing for legal banking for hemp and marijuana companies. Back in September, the House of Representatives overwhelmingly passed H.R. 1595.  This vote was a significant victory for the cannabis reform movement and here’s why: for the first time ever, a supermajority of the House voted affirmatively to recognize that the legalization and regulation of marijuana is a superior public policy to prohibition and criminalization. Among the many groups that urged Congress to pass this legislation were: state treasurers, attorney generals, all 50 state banking associations and the American Bankers Association. 

https://www.congress.gov/bill/116th-congress/house-bill/1595/text

https://www.congress.gov/bill/116th-congress/senate-bill/1200

https://tinyurl.com/StateTreasurers

https://tinyurl.com/StateAGs

https://tinyurl.com/StateBankingAssociations

What are the underlying issues plaguing the cannabis businesses in the US and/or NC?

  • They are unable to write FDIC secured checks, make and receive electronic payments, utilize payroll providers, accept debit or credit cards, pay taxes through a financial institution or obtain business insurance for scenarios including: theft, fire, natural disasters, etc.
  • Cash based businesses are inefficient, expensive, and increase the potential for larceny or opaque business practices. 

What’s Next?

The Senate Banking Committee which is chaired by Sen. Mike Crapo (R-ID), is finding opposition to the bill stemming from a lack of regulation in legal states based on money laundering, percentage levels of raw cannabis and cannabis extracts or edibles including the color, taste, and shape of edibles as being attractive to kids. 

Here’s a clip from the C-Span testimony in which Sen. Mike Crapo heard from businesses on both sides of the argument.

https://tinyurl.com/SenatorCrapoOnSafeBanking

Here’s how North Carolina’s delegates voted on the bill:

Nay:

George Holding (NC-2) – R., Rep. George Murphy (NC-3) – R., Rep. Virginia Foxx (NC-5)- R., Rep. Mark Walker (NC-6) – R., Rep. David Rouzer (NC-7) – R., Rep. Richard Hudson (NC-8) – R., Rep. Dan Bishop (NC-9) – R., Rep. Patrick McHenry (NC-10) – R., Rep Mark Meadows (NC-11) – R., Rep. Ted Budd (NC-13) – R.

Yea:

G. K. Butterfield (NC-1) – D, David Price (NC-4) – D, Alma Adams (NC-12) – D

https://tinyurl.com/TheVoteTally

Republican Congressman Patrick McHenry said of the bill, “If we seek to give financial institutions certainty, we should deal with the listing of cannabis as a Schedule 1 substance, not debating a partial solution for financial institutions to what is a much larger problem and a larger societal issue that we must wrestle with.”

https://tinyurl.com/McHenryOnSAFEBanking

While this is a valid concern, the bill needs to pass for states that have medical cannabis, adult use, or hemp programs, in order to give those businesses access to bank accounts.

When Senator Tillis (NC-R), who is on the Senate Banking Committee, was asked about his support for the bill he dodged the question, “Ask me next week!”  

https://tinyurl.com/TillisOnSAFEBanking

Actions:

  1. Call and email Senators Burr https://www.burr.senate.gov/contact/email and Tillis https://www.tillis.senate.gov/email-me and ask them to help S.1200 get a hearing in the Senate!  You can also use Resistbot to send a fax, letter, or call the Senators.  Find out more at https://resist.bot/
  2. Our inaugural “Board Chat” occurred 7 PM on our YouTube channel at www.youtube.com/c/NCNORML. The next Board Chat is scheduled for November 21st!  Details coming soon!

As always:

 #NCNORML

#TakeAction

#5MinuteActions

#LegalizeIt

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