House Subcommittee on Consumer Protection and Financial Institutions Chairman Ed Perlmutter (D-Colo.) announced on Monday that he will not seek reelection this fall, renewing the urgency to pass legislation that creates a safe harbor for banks serving cannabis-related businesses this Congress.
Background: Perlmutter introduced the Secure and Fair Enforcement (SAFE) Banking Act, which would create a safe harbor from federal sanctions for financial institutions that serve cannabis-related businesses. Similar legislation from Rep. Perlmutter passed the House in 2019 but did not advance in the Senate.
ICBA Position: As the first national banking trade group to support the SAFE Banking Act and to testify before Congress on its behalf, ICBA urges community banks to write to Congress to get this critical legislation passed in the Senate and signed into law.
