Banking law for cannabis companies linked to US innovation plan

On Thursday, the U.S. House of Representatives formally added a cannabis banking reform amendment to a larger innovation bill. For several years, U.S. cannabis companies seek protection from financial institutions which still won't accept cannabis money in the states, given its illegality at federal level.

Democratic Congressman Ed Perlmutter's amendment was preliminarily approved along with other amendments on Wednesday, but a roll call was requested. The House took up the package on Thursday and passed it by a vote of 262 to 168.

There was no floor debate on the cannabis provision itself, which shows how relatively uncontroversial the reform supported by both parties is in the House. The Senate, on the other hand, has always refused to move forward on the issue.

The next hurdle is to see whether the whole law America COMPETES, which contains the banking amendment Secure and Fair Enforcement (SAFE), will be officially adopted by the House today.

The politicians behind the law have been lobbying for a long time. to pass this SAFE banking law, which is, a fortiori, a modest step towards reforming federal cannabis laws.

Earl Perlmutter had previously tried to pass this policy change as part of a large-scale defense bill, but the text was scrapped following bicameral negotiations.

NEW: #SAFEBanking has been formally added to #AmericaCOMPETES. I appreciate the bipartisan support from my colleagues and look forward to the final vote on the package tomorrow.

- Ed Perlmutter (@RepPerlmutter) February 3, 2022

The Congressman placed much of the blame on Senate Majority Leader Chuck Schumer, who insists on pushing forward comprehensive legalization legislation, like the bill it is finalizing, before moving forward with the banking bill.