Marijuana banking bill making progress on Capitol Hill

852 0

The bipartisan bill is moving forward in the House

Not much has been mentioned about the Secure and Fair Enforcement (SAFE) Banking Act lately, but this doesn’t mean that it has died. The bill, which would allow banks to work with marijuana companies without fear of coming under attack by federal regulators, is a few steps closer to being put to a full floor vote in the House of Representatives. It is now officially on the House’s Union Calendar.

The bill was already approved by the House Financial Services Committee, which issued a formal report on Wednesday that provided updated details on where it stands. It is now sponsored by almost 50% of the members of the House – 206 in total – and was set to appear before the House Judiciary Committee. However, the committee waived consideration, allowing it to advance to the floor sooner.

The Union Calendar isn’t the same as the House Calendar and only signals that progress is being made. However, being included on the calendar is a positive sign and the CEO of the Cannabis Trade Federation, Neal Levine, states, “We remain encouraged at the steady progress the SAFE Banking Act is making. With over 200 sponsors, it is a near certainty that we can expect this key piece of legislation to pass the full U.S. House in the near future, and we hope the U.S. Senate takes note of the strong bipartisan support and advances the bill as well.”

There is still a lot of work to be done, but sometimes lawmakers can only take baby steps. When they realize that a Congressional Budget Office review determined that the bill could save the federal government millions of dollars, those steps may turn into a full-blown sprint.