Key Congressmen Tell Leadership That SAFE Banking Must Be A ‘Top Priority’ In Large-Scale Manufacturing Bill Heading To Conference
The letter:
April 27, 2022
-The Honorable Nancy Pelosi SpeakerU.S. House of Representatives Washington, D.C. 20515
-The Honorable Charles Schumer Majority Leader U.S. Senate Washington, D.C. 20510
-The Honorable Kevin McCarthy Minority Leader U.S. House of Representatives Washington, D.C. 20515
-The Honorable Mitch McConnell Minority Leader U.S. Senate Washington, D.C. 20510
Dear Speaker Pelosi, Leader Schumer, Leader McConnell, and Leader McCarthy,
As the House and Senate begin to reconcile the differences between the America Creating Opportunities for Manufacturing, Pre-Eminence in Technology, and Economic Strength (COMPETES) Act and U.S. Innovation and Competition Act (USICA), it is imperative that the final conference committee report of the America COMPETES Act include the Secure and Fair Enforcement (SAFE) Banking Act in its entirety.
Forty-seven states, four U.S. territories, and the District of Columbia have already enacted some level of cannabis reform. As all levels of government continue to advance comprehensive cannabis reforms, addressing the irrational, unfair, and unsafe denial of banking services to state- legal cannabis businesses must be a top priority. The SAFE Banking Act is crucial for small operators, especially those owned and staffed by people of color and those who have already been punished during the War on Drugs. We have repeatedly seen these small businesses be denied access to the banking alternatives available to large operators and independently wealthy operators. This leaves these local businesses and community-based entrepreneurs dependent on cash-only operations that are vulnerable targets for violent crime. Whereas many large operators have the privilege of banking alternatives and costly hired security, small and minority-owned businesses face this threat alone. The results are devastating.
Just last month, three people were killed in one week during robberies targeting cannabis businesses in Washington State. This violence is widespread and ongoing, and it punishes the communities already most vulnerable and targeted in the War on Drugs. Expanding access to banking is a critical element of reform that centers communities disproportionately harmed by punitive drug prohibitions, and this reform cannot wait. It is imperative that the conference committee solve this horrendous problem, which threatens our underserved community members, public safety, and emerging small businesses.
To date, the SAFE Banking Act has passed the U.S. House of Representatives six times. The legislation passed as a standalone bill in with a 321-101 vote on April 19, 2021 and most recently it was included as an amendment to House-passed America COMPETES Act. Every Democratic House Conferee and 10 Republican House Conferees have voted to pass this legislation, and there is more than enough support to pass the SAFE Banking Act as a standalone bill in the Senate if it were to be ever allowed a vote.
Congress has the opportunity and responsibility to address the violence spurred by our regressive banking prohibitions now. Vulnerable communities cannot wait for the perfect solution for Congress to take substantial steps forward. The SAFE Banking Act is a critical piece of the reform our underserved communities and small businesses need. This legislation will make impactful progress in moving towards a fairer industry, especially for business led by lower- income community members and owners of color. As the conference process begins in earnest it is imperative that the final conference committee report include the SAFE Banking Act in its entirety. This is a matter of public safety, equity, and justice, and there is no longer any reason to delay.
https://www.marijuanamoment.net/key-congressmen-tell-leadership-that-marijuana-banking-must-be-a-top-priority-in-large-scale-manufacturing-bill-heading-to-conference/