SAFE Banking Act of 2019
The Secure And Fair Enforcement Banking Act of 2019 ( SAFE Banking Act, H.R.1595/S.1200) gives legal cannabis-related businesses and service providers access to the same financial institutions and services all other types of business rely on. It creates protections for banks, credit unions, and insurance companies that provide financial services to legal cannabis-related businesses and service providers.
SAFE is sensible, bipartisan legislation that is fully supported by the American Bankers Association, the Credit Union National Association, the Independent Community Bankers of America, the National Association of State Treasurers, and state attorneys general from 38 states and territories.
Contact your United States legislators and voice your support for this bill.
Three reasons (read: talking points) your legislators should co-sponsor this bill:
1. Public Safety — Due to current federal banking regulations, cannabis businesses are forced to conduct transactions in cash. This leaves businesses, employees, and customers vulnerable to crime. As explicitly stated in the Act, the purpose of this legislation is to increase public safety by expanding financial services to cannabis-related legitimate businesses and service providers and reducing the amount of cash at such businesses.
2. Equability — SAFE creates a more equitable playing field. Presently, small businesses are unfairly sidelined by lack of access to conventional financing with fair interest rates. Allowing institutional lenders to service small businesses makes entry into this burgeoning, multi-billion dollar industry possible for "the little guy".
3. Consumer Protection — If SAFE passes, financial institutions will no longer be subject to criminal prosecution under federal statues for providing services to account holders employed in the cannabis industry.
A recent Leafly/Whitney Economics report shows that the legal cannabis industry employs 211,000 full-time workers, and that employment numbers will continue to climb. This is a lot of people for whom SAFE will make a profound and positive difference. Importantly, SAFE will give these folks peace-of-mind that they will have access to the same financial services everyone else has, and that they will no longer have their accounts closed and loans denied.
Want to read the proposed legislation? Link here. Then, contact your United States legislators and let them know: Support SAFE Banking.