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ABA: The American Bankers Association
Statement

ABA Applauds House Passage of SAFE Banking Act

“We applaud House lawmakers for passing the SAFE Banking Act of 2021 with strong bipartisan support. This legislation is an important step toward resolving the conflict between state and federal law so banks can serve legal cannabis and cannabis-related businesses. This includes ancillary businesses that provide the cannabis industry with goods and services such as vendors and utility companies that have been needlessly forced out of the financial system. The bill will help banks meet the needs of their communities while reducing cash-motivated crimes, increasing the efficiency of tax collections and improving the financial transparency of the cannabis industry.

“We thank Representative Perlmutter and the bill’s 180 cosponsors for their leadership and support, and urge the Senate to move quickly to pass this much-needed legislation to clarify these issues for both the banking industry and regulators.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $22.5 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $18 trillion in deposits and extend nearly $11 trillion in loans.

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Blair Bernstein

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