RE:RE:RE:RE:Article: Hope for August 2022 MJ SAFE Banking ACT Summary: H.R.1996 — 117th Congress (2021-2022)
https://www.congress.gov/bill/117th-congress/house-bill/1996#:~:text=Summary%3A%20H.R.1996%20%E2%80%94%20117th%20Congress%20(2021%2D2022)
the safe act:
Shown Here:
Passed House (04/19/2021)
Secure and Fair Enforcement Banking Act of 2021 or the SAFE Banking Act of 2021
This bill generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate cannabis-related business. Prohibited penalties include terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate cannabis-related business and prohibiting or otherwise discouraging a depository institution from offering financial services to such a business.
Additionally, proceeds from a transaction involving activities of a legitimate cannabis-related business are not considered proceeds from unlawful activity. Proceeds from unlawful activity are subject to anti-money laundering laws.
Furthermore, a depository institution is not, under federal law, liable or subject to asset forfeiture for providing a loan or other financial services to a legitimate cannabis-related business.
The bill also provides that a federal banking agency may not request or order a depository institution to terminate a customer account unless (1) the agency has a valid reason for doing so, and (2) that reason is not based solely on reputation risk. Valid reasons for terminating an account include threats to national security and involvement in terrorist financing, including state sponsorship of terrorism.
Finally, the bill decreases the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)
the more act:
Summary: H.R.3617 — 117th Congress (2021-2022)
https://www.congress.gov/bill/117th-congress/house-bill/3617#:~:text=H.R.3617%20%2D%20Marijuana%20Opportunity%20Reinvestment%20and%20Expungement%20Act
Shown Here:
Passed House (04/01/2022)
Marijuana Opportunity Reinvestment and Expungement Act or the MORE Act
This bill decriminalizes marijuana.
Specifically, it removes marijuana from the list of scheduled substances under the Controlled Substances Act and eliminates criminal penalties for an individual who manufactures, distributes, or possesses marijuana.
The bill also makes other changes, including the following:
- replaces statutory references to marijuana and marihuana with cannabis,
- requires the Bureau of Labor Statistics to regularly publish demographic data on cannabis business owners and employees,
- establishes a trust fund to support various programs and services for individuals and businesses in communities impacted by the war on drugs,
- imposes an excise tax on cannabis products produced in or imported into the United States and an occupational tax on cannabis production facilities and export warehouses,
- makes Small Business Administration loans and services available to entities that are cannabis-related legitimate businesses or service providers,
- prohibits the denial of federal public benefits to a person on the basis of certain cannabis-related conduct or convictions,
- prohibits the denial of benefits and protections under immigration laws on the basis of a cannabis-related event (e.g., conduct or a conviction),
- establishes a process to expunge convictions and conduct sentencing review hearings related to federal cannabis offenses,
- directs the Government Accountability Office to study the societal impact of state legalization of recreational cannabis,
- directs the National Highway Traffic Safety Administration to study methods for determining whether a driver is impaired by marijuana,
- directs the National Institute for Occupational Safety and Health to study the impact of state legalization of recreational cannabis on the workplace, and
- directs the Department of Education to study the impact of state legalization of recreational cannabis on schools and school-aged children.