Senators have been trying to pass the SAFE Banking Act for 8 years. A bipartisan group of Senators believes this is the year the SAFE Banking Act will pass.
WASHINGTON - Forcing marijuana businesses to operate all in cash is downright dangerous, says bipartisan duo Sen. Jeff Merkley and Sen. Steve Daines . That’s why the pair have spent nearly 8 years trying to get a bill passed in the Senate that would allow those businesses to use banking and financial services.
“The concept of operating in cash is an absolute disaster. It has meant that employees are mugged and attacked, robbed. It means that the stores are broken into. We had over 100 break-ins last year for stores in Oregon. We’re on a pace to exceed that this year,” said Sen. Merkley. “I was talking to an entrepreneur the other day who I think he had some 18 break-ins in his outlets because people know there’s a tremendous amount of cash.
Sen. Daines added, “these cannabis businesses are only allowed to deal in cash. They’re prohibited from getting into the banking system. That creates a lot of crime. And that’s why I’ve got Sheriffs across the state of Montana supporting this legislation, as well as Attorneys General across the country, because they know this is a way to reduce crime.”The pair said the SAFE Banking Act also maintains states rights.
This legislation extends safe harbor to Community Development Financial Institutions and Minority Depository Institutions . The Senators included that measure, they said, because those organizations assist underserved communities “who face challenges in accessing capital and provide affordable access to financial services.”
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