{"id":231016,"date":"2021-04-20T03:27:00","date_gmt":"2021-04-20T00:27:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cannabis-banking-bill-approved-by-house-future-in-senate-uncertain\/"},"modified":"2021-04-20T03:27:00","modified_gmt":"2021-04-20T00:27:00","slug":"cannabis-banking-bill-approved-by-house-future-in-senate-uncertain","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cannabis-banking-bill-approved-by-house-future-in-senate-uncertain\/","title":{"rendered":"#\n  Cannabis-banking bill approved by House; future in Senate uncertain"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3b72dc18062\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3b72dc18062\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/cannabis-banking-bill-approved-by-house-future-in-senate-uncertain\/#Measure_aims_to_make_it_easier_for_cannabis-related_businesses_to_get_access_to_financial_services\" >Measure aims to make it easier for cannabis-related businesses to get access to financial services<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/cannabis-banking-bill-approved-by-house-future-in-senate-uncertain\/#Jonathan_Nicholson\" >Jonathan Nicholson<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Cannabis-banking bill <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roved by House; future in Senate uncertain<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Measure_aims_to_make_it_easier_for_cannabis-related_businesses_to_get_access_to_financial_services\"><\/span>\n  Measure aims to make it easier for cannabis-related businesses to get access to financial services<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div class=\"cx--next\">\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000236088\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Marijuana-related businesses would have one industry obstacle \u2014 access to the U.S. banking system \u2014 made less burdensome under a bill that passed the House on Monday evening.<\/p>\n<p> The House, on an 321-101 vote, approved a bill sponsored by Rep. Ed Perlmutter,  a Colorado Democrat, that would prohibit banking-system regulators from penalizing banks or credit unions that do business with a \u201ccannabis-related legitimate business,\u201d their servicer providers or state or local governments  with jurisdiction over the businesses.<\/p>\n<div class=\"paywall\">\n       \u201cAfter years of bringing up this issue, I\u2019m thrilled to see overwhelming support for this bipartisan, commonsense legislation in the U.S. House once again. I feel optimistic about the path forward for the SAFE Banking Act and, more broadly, reforms to our federal cannabis laws,\u201d Perlmutter said in a statement.<\/p>\n<p>The bill would exempt cannabis business transactions from being considered proceeds from illegal activity and subject to anti-money-laundering laws. It would also prohibit banking regulators from asking banks to terminate a customer account unless there was a valid reason aside from reputation risk.<\/p>\n<p>The bill had passed the House before, in 2019, only to die in the Senate. The 2019 vote was 321-103. <\/p>\n<p>How the bill will fare in the Senate this time, while it is under Democratic control, is unclear and one industry analyst in January  warned against investors becoming overly optimistic about the bill\u2019s chances.<\/p>\n<p>In February, Sen. Sherrod Brown, chairman of the Senate Banking Committee that would have jurisdiction over the bill once it arrived in the Senate, was reported as saying <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cleveland.com\/open\/2021\/02\/senate-banking-chair-sherrod-brown-would-like-to-couple-bank-access-for-cannabis-businesses-with-drug-sentencing-reforms.html\" class=\"icon none\">he wanted cannabis banking changes tied to an overhaul of prison sentences<\/a> for drug-related offenses.<\/p>\n<p>In a statement late Monday, Brown\u2019s office said damage done to minority families from the war on drugs must be addressed but also noted the need for the banking legislation.<\/p>\n<p>\u201cSen. Brown supports medical marijuana and decriminalization, and while he is not a cosponsor of the SAFE Banking Act he believes that we need to find real ways to allow the cannabis industry to access the banking system,\u201d his office said late Monday in a statement.<\/p>\n<p>\u201cAs chairman of the Senate Banking and Housing Committee, Sen. Brown will continue to look for ways to ensure that the Black and brown communities, including minority-owned small businesses, most impacted by the war on drugs are able to participate in the cannabis economy and banking systems as decriminalization efforts move forward.\u201d<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>In floor debate Monday, supporters said the bill would help businesses related to cannabis and also cut down on crime related to the cash nature of those businesses. <\/p>\n<p>\u201cMost importantly, this will reduce the risk of violent crime in our communities. These businesses and their employees become targets for crime \u2014 robbery, assault and more \u2014 by dealing all in cash,\u201d Perlmutter said.<\/p>\n<p>\u201cIt is an invitation to money laundering now, because of the vast amount of cash that is circulated,\u201d said another bill supporter, Rep. Earl Blumenauer, an Oregon Democrat.<\/p>\n<p>However, Rep. Patrick McHenry, a North Carolina Republican, said the bill would work against anti-money-laundering legislation enacted only a few months ago.<\/p>\n<p>He also said it sidestepped the question of the drug\u2019s status as illegal under federal law.<\/p>\n<p>\u201cConsidering that the larger issue of cannabis legalization has not yet been debated here on the House floor, I think it is premature for the Financial Services Committee to do the full work of this Congress on the question of cannabis legalization,\u201d McHenry said.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Jonathan Nicholson\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Jonathan_Nicholson\"><\/span>Jonathan Nicholson<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21005575-02D4-D4B5-4572-D39A389C89E3%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Cannabis-banking bill approved by House; future in Senate uncertain &#8221; Measure aims to make it easier for cannabis-related businesses to get access to financial services Marijuana-related businesses would have one industry obstacle \u2014 access to the U.S. banking system \u2014 made less burdensome under a bill that passed the House on Monday evening. The&#8230;<\/p>\n","protected":false},"author":1,"featured_media":231017,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-231016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/231016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=231016"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/231016\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/231017"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=231016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=231016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=231016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}