By Monterey Bud

 

Sponsored by Rep. Ed Perlmutter (D-CO), this newly proposed legislation seeks to “provide financial services” to America’s lawful marijuana businesses. Perilously profitable, today’s legal marijuana businesses can openly sell their medicinal herb to the public, but they can’t put the cash in the bank.

On Thursday, Rep. Perlmutter presented a legislative solution to the current banking problem in a third iteration of the Secure and Fair Enforcement Banking Act. Rolled out in 2013 and again in 2015, congressional leaders initially lacked the appetite to address the overt conflict between state and federal marijuana laws, which have triggered an unnecessary banking crisis within the industry. With 28 congressional cosponsors now on board, H.R. 2215 is again seeking to provide marijuana-related businesses with legal access to American banks.

“SEC. 2. SAFE HARBOR FOR DEPOSITORY INSTITUTIONS.

A Federal banking regulator may not—

(1) terminate or limit the deposit insurance or share insurance of a depository institution under the Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) or the Federal Credit Union Act (12 U.S.C. 1751 et seq.) solely be- cause the depository institution provides or has provided financial services to a cannabis-related legitimate business.”

Hopeful the Secure and Fair Enforcement Banking Act of 2017 will be warmly received among congressional members, Rep. Perlmutter’s legislation must first pass the House Financial Services Committee.