SAFE Banking Act Removed from Defense Budget Bill
Updated: Dec 7, 2021
Congressman Ed Perlmutter (D-CO), lead House sponsor of the SAFE Banking Act, confirmed on Tuesday that the legislation was not included in a new Senate version of the National Defense Authorization Act. The SAFE Banking Act, passed by the House in April 2021, would protect federally regulated banking and depository institutions by prohibiting regulators from penalizing the institution for providing banking services to a legitimate cannabis-related businesses. Several House members criticized removal of the Act from the Senate version of the NDAA, stating that failure to pass the legislation left canna-businesses at significant disadvantage and financial risk. However, Senate Majority Leader Chuck Schumer (D-NY) has previously stated that he prefers a comprehensive package of legislation addressing a range of cannabis-related issues, including removal from the Controlled Substances Act, criminal justice reform and expungement, and investment in communities most directly impacted by federal prohibition, known as the Cannabis Administration and Opportunity Act. Congressman Perlmutter stated that he intends to reintroduce the SAFE Banking Act via the Rules Committee amendment process.
See our previous blog post on the various cannabis proposals now pending in Congress.