By Kyle Jaeger | Marijuana Moment
The House sponsor of a bill to protect banks that work with state-legal marijuana businesses announced on Friday that he is seeking to attach an amendment containing the reform to a broader bill dealing with research and innovation in the tech and manufacturing sectors.
Rep. Ed Perlmutter (D-CO), sponsor of the Secure and Fair Enforcement (SAFE) Banking Act, has expressed interest in finding another vehicle to pursue his proposal after it was stripped from a separate defense bill late last year. The congressman’s legislation has cleared the House in five forms at this point, only to stall in the Senate.
I have filed #SAFEBanking as an amendment to #AmericaCOMPETES b/c cannabis-related businesses – big and small – are in desperate need of access to capital & the banking system in order to operate in an efficient, safe manner & compete in the growing global cannabis marketplace.
— Rep. Ed Perlmutter (@RepPerlmutter) January 28, 2022
His latest attempt to get the reform enacted is by filing an amendment with the SAFE Banking language to the America COMPETES Act, which does not deal specifically with cannabis issues as drafted but was introduced in the House this week.
“As the Arizona Department of Health Services inches closer to issuing marijuana establishment licenses pursuant to the social equity ownership program, the need for federal banking reform increases. Very soon, low-income dispensary owners in Arizona will have a dire need for capital, and without access to banks or low-interest government loans, many social equity applicants may fall prey to predatory lenders. Federal banking reform is critical to growing Arizona’s industry in a safe and fair fashion.”
–Jonathan Udell, Rose Law Group Cannabis Dept. Co-Chair
