MJBizMag October 2020 - 46

Marijuana on the Ballot
Cannabis lobbyists largely believe a Joe Biden-Kamala Harris White House is more likely to support the SAFE Banking Act.
Washington DC-based attorney
with the Vicente Sederberg law
firm. " That's really what held
things up more than anything else.
It's not that the SAFE Banking Act
is controversial. "
Fox and other observers also
A Biden-Harris
IIB
116TH CONGRESS
1ST SESSION
H. R. 1595
IN THE SENATE OF THE UNITED STATES
SEPTEMBER 26, 2019
believe the SAFE Banking Act
could pass if Democrats control the
White House but the GOP keeps
the Senate.
Bacino estimated that roughly a
third of Republican senators support
some kind of marijuana reform, a third
are opposed to any reform and the other
third could go either way depending on
the specific legislation.
46 Marijuana Business Magazine | October 2020
Received; read twice and referred to the Committee on Banking, Housing, and
Urban Affairs
administration that supports
the SAFE Banking Act
would allow fence-sitting
Republicans to vote for the
measure without much
controversy, observers said.
" I think if you had a DemoAN
ACT
To create protections for depository institutions that provide
financial services to cannabis-related legitimate businesses
and service providers for such businesses, and
for other purposes.
Be it enacted by the Senate and House of Representa2
tives of the United States of America in Congress assembled,
1
cratic administration, even if
the Senate stayed Republican,
you might find a few more
Republicans willing to cross
over if only to get things
done, " Bacino said.
If Trump wins and the
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GOP keeps the Senate, then gridlock will
continue, many observers said. " It's just
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business or service provider or to a State, political
subdivision of a State, or Indian Tribe that
exercises jurisdiction over cannabis-related legitimate
businesses;
depository institution not to offer financial serv(A)
a cannabis-related legitimate busi(3)
recommend, incentivize, or encourage a
4
ices to an account holder, or to downgrade or
ness or service provider, solely because the
cancel the financial services offered to an acbusiness
is a cannabis-related legitimate
count holder solely because-
business or service provider;
(A) the account holder is a cannabis(B)
an employee, owner, or operator
related legitimate business or service proof
a cannabis-related legitimate business or
ator of a cannabis-related legitimate busiployee,
owner, or operator is employed by,
ness or service provider;
owns, or operates a cannabis-related legitian
employee, owner, or operator of a cannabis-related
legitimate business or service
(C) an owner or operator of real escable;
or
provider; or
tate or equipment that is leased to a canaware
that the account holder is an employee,
owner, or operator of a cannabis-related
legitimate business or service provider;
visory
action on a loan made to-
HR 1595 RFS
(4) take any adverse or corrective supervider,
as applicable; or
(C) the depository institution was not
nabis-related legitimate business or service
provider, solely because the owner or operator
of the real estate or equipment leased
the equipment or real estate to a cannabisrelated
legitimate business or service pro(5)
prohibit or penalize a depository institution
(or entity performing a financial service
for or in association with a depository institution)
for, or otherwise discourage a depository
institution (or entity performing a financial
service for or in association with a depository
HR 1595 RFS
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(B) the account holder later becomes
mate business or service provider, as applivider,
or is an employee, owner, or operservice
provider, solely because the empamtmann
on DSKBC07HB2PROD with BILLS
pamtmann on DSKBC07HB2PROD with BILLS
2
1 SECTION 1. SHORT TITLE; PURPOSE.
(a) SHORT TITLE.-This Act may be cited as the
2
3 ''Secure And Fair Enforcement Banking Act of 2019'' or
4 the ''SAFE Banking Act of 2019''.
(b) PURPOSE.-The purpose of this Act is to increase
5
6 public safety by ensuring access to financial services to
7 cannabis-related legitimate businesses and service pro8
viders and reducing the amount of cash at such busi9
nesses.
10 SEC. 2. SAFE HARBOR FOR DEPOSITORY INSTITUTIONS.
(a) IN GENERAL.-A Federal banking regulator may
(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.), the Federal Credit
Union Act (12 U.S.C. 1751 et seq.), or take
any other adverse action against a depository
institution under section 8 of the Federal Deposit
Insurance Act (12 U.S.C. 1818) solely because
the depository institution provides or has
provided financial services to a cannabis-related
legitimate business or service provider;
(2) prohibit, penalize, or otherwise discourage
a depository institution from providing financial
services to a cannabis-related legitimate
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HR 1595 RFS
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pamtmann on DSKBC07HB2PROD with BILLS
pamtmann on DSKBC07HB2PROD with BILLS
MJBizMag October 2020

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