• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy Senate advances bill to allow marijuana industry to bank with financial institutions
Economy

Senate advances bill to allow marijuana industry to bank with financial institutions

by September 28, 2023
by September 28, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

A new bill that will allow the legal marijuana industry to bank with financial institutions cleared a big hurdle in the Senate on Wednesday.

The Secure and Fair Enforcement Regulation Banking Act (SAFER Act) was approved by the Senate Banking Committee in a 14-9 vote Wednesday morning. The bill will now proceed to the full chamber for a final vote.

Senate Majority Leader Chuck Schumer, D-N.Y. – one of the bill’s staunch supporters – said on the floor Wednesday morning the upper chamber will prioritize passing the bill.

‘I will bring SAFER banking to the floor for a vote as quickly as possible,’ Schumer said in his opening remarks. ‘For too long, cannabis businesses have been forced to rely primarily on cash transactions. No credit or debit cards, dealing only in cash, stifles these businesses’ growth, opens them up to so many risks, makes them easy targets for theft, robbery and other crimes.’

The SAFER Act, authored by Sens. Jeff Merkley, D-Ore., and Steve Daines, R-Mont., was introduced last week with some bipartisan support. While 39 states have already legalized marijuana, the industry has been a target of theft and crime as they are required to make only cash transactions.

The legislation, which allows cannabis businesses access to insurance and other financial services, prevents banking institutions from closing an account unless there is a ‘valid’ reason. 

‘Personal beliefs or political motivations’ are also not permissible reasons to terminate clients’ accounts, according to the bill.

Even though Daines co-authored the bill, he said during Wednesday’s mark up he doesn’t support the federal legalization of marijuana – rather, he narrowed in on his support for legal cannabis businesses being permitted to utilize banking services.

‘This bill is about public safety first and foremost,’ Daines said. ‘The current all-cash model of legal cannabis businesses makes them targets for theft, for tax evasion, and for organized crime.’

He added, ‘The key to addressing this risk is by ensuring all legal businesses have access to the banking system.’

The U.S. Department of Health and Human Services (HHS) recently proposed relaxing some restrictions on marijuana by reclassifying it from a Schedule I to a Schedule III drug.

The prior iteration of the bill, known as the SAFE Banking Act of 2021, did not succeed in obtaining a Senate vote, even though it had been passed by the House seven times.

If the bill clears the Senate, it will then have to battle for survival in the GOP-controlled lower chamber. 

Jamie Joseph is a writer who covers politics. She leads Fox News Digital coverage of the Senate. 

This post appeared first on FOX NEWS
You Might Also Like
  • Freedom’s Future Requires Understanding the Past
  • House Republicans demand transcript of Biden’s interview with special counsel as part of impeachment inquiry
  • Trump says he ‘would be willing to do more than one debate’ with Vice President Harris
  • Ohio voters to decide whether to make it more difficult to amend state’s constitution
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Who are the Republican presidential candidates at the second GOP debate?
next post
Fetterman says US should ‘take back’ Chinese-owned farmland: ‘They’re taking back our pandas’

You may also like

Israel begins ‘targeted’ strikes against Hamas in Rafah

May 7, 2024

Ethereum is rising to a new weekly high this morning

October 15, 2024

Trump vows to commute prison sentence of Silk Road founder...

May 26, 2024

Potential speaker candidates emerge from shadows as Jordan’s bid falters

October 19, 2023

House GOP campaign arm blasts rhetoric of Dems for fueling...

November 10, 2023

Walz responds to vice presidential debate invitation; Vance says ‘I...

August 15, 2024

Mother of wrongfully detained American on death row in China...

November 14, 2023

Kamala Harris to hold ‘grassroots reception’ on wealthy Martha’s Vineyard

August 9, 2023

Biden had similar legal aid arrangement he slammed Trump over

April 13, 2024

US Air Force’s XQ-67A drone thinks, flies, acts on its...

July 24, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025
    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,631 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,919 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,607 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,577 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,451 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters...

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Nancy Pelosi repeatedly urges White House...

    August 17, 2023

    Gold and Silver: Gold in a...

    October 16, 2024

    Feds greenlight offshore wind project near...

    August 23, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here