WASHINGTON DC (KOLO) – U.S. Senator Catherine Cortez Masto is cosponsoring a bill reforming banking for the cannabis industry.
She joined Senator Jeff Merkley of Oregon in introducing the Secure and Fair Enforcement Banking Act, which she says would ensure legal cannabis businesses can access traditional and secure banking systems and financial services.
She says the bill would provide a legal framework for banking and financial services to serve state-legal cannabis businesses, reducing the need for cash-only transactions.
“We must make sure that businesses in states where marijuana is legal– like Nevada – have access to bank accounts and other financial services,” said Senator Cortez Masto. “I’m proud to support this legislation that will help Nevada small businesses and make our communities safer in the long run. It’s time to finally get this bill done.”
She says the bill would protect banks and their officers who provide financial services to legitimate, state sanctioned cannabis businesses from criminal prosecution, liability and asset forfeiture.
The bill would also prevent federal banking regulators from:
- Prohibiting, penalizing or discouraging a bank from providing financial services to a legitimate state-sanctioned and regulated cannabis business, or an associated business (such as a lawyer or landlord providing services to a legal cannabis business);
- Terminating or limiting a bank’s federal deposit insurance primarily because the bank is providing services to a state-sanctioned cannabis business or associated business;
- Recommending or incentivizing a bank to halt or downgrade providing any kind of banking services to these businesses; and
- Taking any action on a loan to an owner or operator of a cannabis-related business.
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