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U.S. Senate Committee Approves Bipartisan Marijuana Banking Bill, Sending It To The Floor

Full Story: https://www.marijuanamoment.net/watch-live-a-u-s-senate-committee-is-voting-on-a-marijuana-banking-bill/

So what does this mean for financial institutions?

“This legislation will help make our communities and small businesses safer by giving legal cannabis businesses access to traditional financial institutions, including bank accounts and small business loans,” the senators said in ajoint statementlast week.

“It also prevents federal bank regulators from ordering a bank or credit union to close an account based on reputational risk,” they added. The new bill includes stricter requirements for federal regulators, such as prohibiting them from terminating any marijuana-related accounts without “valid reason,” or from denying banking services based on “personal beliefs or political motivations.”

The vote Wednesday marked the first time the Senate has considered the legislation. An earlier version of the bill, the SAFE Banking Act,passed in the Houseseven times previously but has never advanced through the Senate under both Democratic and Republican control.

Unfortunately, the bill may face a tougher path to passage if it ends up before the GOP-controlled House.

More to come…