A key Senate committee is planning to consider a newly revised bipartisan bill on Wednesday to expand banking services for legal marijuana businesses with one major dispute standing in the way.
The new bill sponsored by Sens. Jeff Merkley and Steve Daines is a revamped version of the Secure and Fair Enforcement Banking Act, which is intended to give federally regulated banks and credit unions legal cover to take cannabis dispensaries and growers as customers.
“Whether it’s a legal cannabis business, a legal gun manufacturer or a legal energy company, no Montana business should be shut out of banks or credit unions and forced to operate in all-cash because of ideological differences,” Daines said in a quote provided to the Washington Examiner. “I’m glad to work with my colleagues to ensure all legal Montana businesses will be protected from the whims of the Left’s wokeness.
A key point of contention that remains is Section 10 of the bill, which imposes requirements if a regulator discourages a bank from entering into or maintaining a banking relationship with a customer or group of customers. In the new version of the bill, Section 10 now says regulators must have a “valid” reason for requesting or requiring the termination of bank accounts for any business.
“Even if there is a situation which a quote said in the bill could lead to a matter requiring attention or a matter requiring immediate attention, then it basically exempts them from what’s supposed to be protections for deposit accounts,” said Bryan Bashur with Americans for Tax Reform, a conservative advocacy group. “So, it really gives the agencies a lot of leeway to do what they want.”
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