AFE Banking Act Ready for Vote!
HighBridge is happy to share with you exciting news relating to progress on FEDERAL Banking Legislation (Secure and Fair Enforcement Banking Act). This legislation has moved through the process much faster than anticipated – a tribute to our industry and its representatives. HIghBridge encourages everyone to contact your legislators and ask them to support this vital (and long overdue!) change in national law and policy.
Received from Cassie Folk, VP of Federal Policies, Cannabis Trade Federation, September 12, 2019:
We are pleased to pass along the exciting news that the bipartisan SAFE Banking Act (H.R. 1595) is set to receive a floor vote in the U.S. House of Representatives later this month!
According to Marijuana Moment, which just broke the story:
House leadership made the decision following a closed-door meeting on Thursday, where they also determined that the vote would be made using suspension of the rules—a procedure that is generally reserved for non-controversial legislation.
House Majority Leader Steny Hoyer (D-MD) announced the plan to the Democratic Caucus, informing members that the vote would be held during the last week of September.
Voting on suspension would require two-thirds of the chamber (290 members) to vote in favor of the Secure and Fair Enforcement (SAFE) Banking Act in order for it to pass. The bill, which cleared the House Financial Services Committee in March, currently has 206 cosponsors, including 26 Republicans.
…Neal Levine, CEO of the Cannabis Trade Federation, told Marijuana Moment that the group is “delighted that the U.S. House of Representatives is on the brink of passing a landmark piece of cannabis policy legislation that modernizes our antiquated banking laws to reflect the will of the people.”
“This is welcomed and long overdue news for the over 200,000 employees that work in the industry, cannabis businesses, and for public safety in the communities in which we operate,” he said. “Once the SAFE Banking Act passes the U.S. House, we call on the U.S. Senate to move quickly to protect our businesses and our workers.
News of the forthcoming House vote came just after Republican Senate Banking Committee Chairman Mike Crapo (R-ID) announced he is also planning to hold a vote on cannabis banking legislation by the end of the year.
CTF has been working to build support for the SAFE Banking Act, and CTF Board Chair John Lord recently testified before the Senate Banking Committee during its hearing on challenges of cannabis banking. Our federal lobbying efforts are now going into overdrive to pick up as many votes as possible for the SAFE Banking Act to ensure it reaches the two-thirds threshold when it reaches the House floor later this month.
You can help, too, by taking a moment to contact your lawmakers and ask them to support the SAFE Banking Act.
HighBridge is a proud member of the Cannabis Trade Federation