Title: SAFE Banking Act of 2021 Passed by House of Representatives
Headings: SAFE Banking Act of 2021 Passed by House of Representatives
SAFE Banking Act of 2021 Passed by House of Representatives
As a special 420 gift (not really, it’s just a coincidence), the House passed the SAFE Banking Act of 2021!
Where Does The SAFE Banking Act of 2021 Go Next?
Thomas Edward

Content: “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.” It continued: “ 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.” Where Does The SAFE Banking Act of 2021 Go Next? The SAFE Banking Act of 2021, which was introduced last month by Democratic Rep. Ed Perlmutter, easily passed the chamber on Monday by a vote of 321-101. It will now head to the Democratic-controlled Senate, where Majority Leader Chuck Schumer “has said it will receive a vote,” according to The Hill. Schumer has sounded bullish notes on cannabis reform in general as of late.