Cannabis industry groups were encouraged on Thursday to hear bipartisan support from members of the US Senate Banking Committee for marijuana bank reform — particularly the passage of the Safe and Fair Banking Act (SAFE).
The Democratic-controlled Banking Committee held a meeting Hear the challenges Which is represented by the cash-based industry largely to small businesses and employees.
If lawmakers pass the SAFE Banking legislation, federal banking regulators will be prevented from sanctioning financial institutions that provide essential banking services to marijuana businesses in accordance with state law.
While the gaze was passing by It looks better than in previous yearsIndustry officials and congressional observers say approval is far from guaranteed.
The hearing showed deep discussion from members on both sides of the aisle, with consensus among witnesses that the bill could go further to be more impactful, which should include providing broader access to financial services during committee.
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