Proposed Amendment Protecting Canna-Banks Blocked by GOP

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On Wednesday, GOP representatives in the House extinguished yet another amendment that could have granted cannabis-related businesses access to the federal banking system.

First reported by Marijuana Moment’s Tom Angell, the amendment to H.R. 4293, better known as the “Secure and Fair Enforcement Banking Act of 2017,” is now officially dead.

Also referred to as the “Safe Act of 2017,” the discarded amendment to HR 4293 would have allowed America’s financial institutions to finally provide service for one of the country’s fastest-growing and lucrative industries – MARIJUANA.

Proposed as an amendment to the Comprehensive Capital Analysis and Review Process (H.R. 4293), the “Safe Act” was ultimately blocked when Rep. Blaine Luetkemeyer (R-MO) and Committee Chairman Jeb Hensarling (R-TX) played politics … rather than protecting their constituents.

A $7-billion industry in 2016,  today’s marijuana businesses need a place to deposit their hard-earned cash. But granting the rapidly growing industry access to America’s federally insured banks isn’t just an economic issue. According to Congressman Perlmutter, his proposed measure was all about public safety.

And like gun control, the GOP appears to want nothing to do with it.

Rep. Perlmutter cited the case of the Iraqi War veteran who was killed while working as a security guard at a cash-rich medical marijuana dispensary in Colorado. The Colorado congressman noted: “This is a real issue that this committee must deal with and confront.”

Rep. Luetkemeyer “reserved a point of order” on Perlmutter’s proposed amendment and Jeb Hensarling (R-TX), the committee’s chairman agreed with Luetkemeyer’s objection.

Legally available in more than half the United States, marijuana and its beneficial compounds are still considered a federally prohibited substance due to an antiquated classification within the Controlled Substance Act.

Seeking “Safe Harbor” for marijuana-related businesses and their “Depository Institutions,” the Perlmutter amendment sought to modify the existing rules and regulations governing America’s federally insured banks.

Congressman Perlmutter explained to the House Financial Services Committee, “We cannot hide our head in the sand anymore, we must deal with this and bring some regulatory relief and regulatory certainty to the banking and financial laws to allow legitimate businesses to have legitimate financial services.”

The now-defunct amendment is the second legislative effort in as many years to be shot down in political flames.

About Author

My name is Monterey Bud and I was born in Long Beach and raised on the central coast. I surf, dab, burn and write. I'm a husband, a father and a lifelong consumer of connoisseur grade weed. I have been writing about marijuana strains, science, and politics for Marijuana.com since 2012. A Big Sur cultivator from the pre-helicopter days, I'm a big fan of new strains and breaking news. I can be reached on Twitter @MontereyBud

4 Comments

  1. G.O.P. Grand Old Puppets… always worried about their personal political careers and not of the voters that put them there but rather the lobbyists who line their pockets (Big Pharma, Big Tobacco, and Big Alcohol) just to name a few! These crusty old F*CKS need to LEAVE and allow this country to progress not regress like its been doing. Don’t understand why someone gave a thumbs up to this article as if they are happy businesses are under the gun so to speak about using financial protected institutions (FDIC) and the Grand Old Puppets keeping it out of reach for legitimate honest businesses! If so why come to this informative website about the wonders of Cannabis throughout the U.S.A. and the world. Just saying.

  2. Some one needs to enplane reality to these people. Not allowing the use of banks has killed more than one person due to the all cash environment in the industry. The GOP is endorsing murder.

  3. I can’t even us thumb fingered typing for that one.
    But the GOP in congress is not your friend. These idiots watched Reefer Madness and thought it was a documentary instead of the propaganda it was. I don’t know which was worse the fact that they believe in the movie or that they have actually seen the stupid movie.

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