House of Representatives Set to Vote Again on Marijuana Banking Reform

WASHINGTON, DC – The House of Representatives will vote again this week on an amendment that will provide protections to banks that support state-legal marijuana businesses. 

According to a report by Marijuana Moment, Rep. Ed Perlmutter (D-CO) filed the Secure and Fair Enforcement (SAFE) Banking Act as an amendment to larger-scale legislation known as the America COMPETES Act, which focuses on research in the tech manufacturing sectors. On Tuesday, the House Rules Committee confirmed the amendment would be put to a vote to determine if it should be attached to the bill.

If the vote passes, this will be the sixth time Perlmutter’s cannabis act made its way through the House. Previously, he attempted to enact reform through a defense bill. Unfortunately, the amendment was stripped during further bipartisan negotiations. 

The congressman blames past failures on Senate Majority Leader Chuck Schumer (D-NY). Schumer claims to be insistent on comprehensive marijuana legalization but has not filed a bill to proceed with the action. Perlmutter believes Schumer’s legislation should be put into action before any policy changes.  

Schumer admitted to equity advocates that he is open to banking reform regarding the cannabis industry. However, he wants specific provisions attached to the bill to benefit communities affected by prohibition. 

Perlmutter’s amendment is co-sponsored by several representatives, including Nydia Velázquez (D-NY), Warren Davidson (R-OH), Barbara Lee (D-CA), Dave Joyce (R-OH), and Earl Blumenauer (D-OR).

It is unclear if the America COMPETES Act will include the cannabis banking bill in the end. Federal financial regulator Rodney Hood says marijuana legalization is inevitable. He is offering banks advice on navigating the federal-state legislative conflicts in hopes that they will be more open to working with cannabis businesses. 

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