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ABA: The American Bankers Association
Statement

ABA Applauds House Passage of SAFE Banking Act

“Today’s overwhelming, bipartisan House vote in support of the SAFE Banking Act is a significant step forward for public safety, transparency and common sense. By helping to provide clarity for the financial sector in those states where cannabis is legal, this bill will help banks meet the needs of their communities while reducing cash-motivated crimes, increasing the efficiency of tax collections and improving the cannabis industry’s financial accountability. It will also ensure that businesses with indirect ties to the cannabis industry – including vendors, utility companies and law firms – won’t be needlessly forced out of the financial system.

“We particularly want to thank Representatives Ed Perlmutter, Steve Stivers, Denny Heck and Warren Davidson for their tireless efforts to pass the SAFE Banking Act, as well as House Financial Services Chairwoman Maxine Waters and the more than 200 other cosponsors for their strong support of the bill. We urge the Senate to follow the House’s lead by quickly passing legislation to resolve the current conflict between state and federal law when it comes to banking cannabis. We stand ready to work with lawmakers in both parties to move this important process forward.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $21.1 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $17 trillion in deposits and extend nearly $11 trillion in loans.

Press Contact

Blair Bernstein

(202) 663-5468

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