House cannabis banking sponsor Perlmutter tries new effort in wake of Senate setback

Rep. Earl Perlmutter the main sponsor of the SAFE Banking Act in the House, said Wednesday that he will attempt to get the legislation attached to the omnibus spending bill.

What is the SAFE banking act?

The bill generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate cannabis-related business. Prohibited penalties include terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate cannabis-related business and prohibiting or otherwise discouraging a depository institution from offering financial services to such a business.

What’s next?

Perlmutter’s action comes after SAFE Banking, which would allow marijuana companies to do business with US banks, was not included in the national defense bill currently being crafted by the Senate.

“I’m not giving up on this darn thing yet,” Perlmutter said at a House Rules Committee meeting, Marijuana Moment reported.

Speaking at the same hearing, House Armed Services Committee Chairman Rep. Adam Smith (D-Wash.) said that as a stand-alone bill, there are 59 votes in favor of SAFE Banking in the Senate. It would need 60 to pass.

“What we’ll do—and what I know Mr. Perlmutter would do and others—is go get that 60th vote,” Smith said.

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Thomas Bernier

Thomas Bernier is the Editor-in-Chief and the founding members of 420ave. I mainly do reviews, news and I write blogs about the cannabis industry.

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