The sponsor of a bipartisan bill that might resolve banking issues within the marijuana industry is preparing to amend the laws as a planned House floor vote approaches intending to bolster its appeal among GOP members.
The bill, which presently has 206 cosponsors, including 26 Republicans, was revised to clarify that banking protections apply to hemp and CBD companies and in addition shields individual businesses similar to firearms dealers from being focused by financial regulators, as was the case beneath a 2013 Justice Department initiative that flagged various industries as more significant threat for scam and money laundering.
Other changes add an expansion of the key of ancillary businesses working with marijuana firms that might be protected, increasing and clarifying protections to federal home loan banks and insurers and language defining that financial regulators wouldn’t be uniquely restricted of their supervisory roles over the cannabis industry.
The text of the updated bill as ready for floor action next week was obtained by Marijuana Moment.
The provisions are supposed to entice conservative members who might need being cautious of approving a bill that’s narrowly tailored to assist the cannabis industry.
So as to address that problem, the laws stipulate that financial regulators must problem administration “confirming the authority of hemp, hemp-derived CBD products, and other hemp-derived cannabinoid products, and the legality of participating in financial services with businesses promoting hemp, hemp-derived CBD products, and other hemp-derived cannabinoid products, after the law of the Agriculture Improvement Act of 2018.”
After House Majority Leader Steny Hoyer (D-MD) told the Democratic Caucus of his purpose to produce the bill to a floor vote through the end of the month, few groups such because the ACLU, Human Rights Watch and Drug Policy Alliance signed a letter urging leadership to delay a vote until complete legalization laws that addresses social equity is handed.
Marijuana Moment spoke to various lawmakers in regards to the internal Democratic caucus debate on Wednesday. House Financial Services Chair Maxine Waters (D-CA), whose panel passed the bill in March, stated that she understands the groups’ perspective however that the problem is that Judiciary Chair Jerrold Nadler (D-NY) has but to hold a vote on his more wide-ranging legalization bill.
A vote has but to be scheduled; however, a key signal might be whether the SAFE Banking Act is listed on a weekly floor schedule that Hoyer’s office will release on Friday.