Major Trade Groups Urge Senate Committee To Pass Marijuana Banking Bill

More than a dozen major trade groups and advocacy organizations sent a letter to the chair of the Senate Banking Committee on Thursday, asking that he advance a bill protecting financial institutions that service state-legal marijuana businesses from being penalized by federal regulators.

Signatories include the American Bankers Association, Americans for Prosperity, Credit Union National Association, National Association of REALTORS, National Conference of State Legislatures and Wholesale & Specialty Insurance Association.

Currently, a bill that would resolve the banking issue is sitting in Chairman Mike Crapo’s (R-ID) committee. He’s floated a series of changes to the House-passed Secure and Fair Enforcement (SAFE) Banking Act, however, including some that industry stakeholders view as unworkable.

“Our organizations continue to support SAFE because it is an initial legislative step that allows the legal cannabis industry into the banking system—ultimately protecting law-abiding financial institutions and ancillary services businesses from their untenable position and addressing increasing public safety concerns,” the letter, which was also signed by Brinks Company, Council of Insurance Agents and Brokers and International Council of Shopping Centers, says.