Though it passed the House last year with bi-partisan support, the Secure And Fair Enforcement (SAFE) Banking Act, which would shield banks from being punished by federal regulators for working with state-legal marijuana businesses may be facing a new hurdle from a key Senate Committee Chair.
Sen. Mike Crapo (R-ID), who chairs the Senate Banking Committee, said in a press release. “I also do not support the SAFE Banking Act that passed in the House of Representatives. I have significant concerns that the SAFE Banking Act does not address the high level potency of marijuana, marketing tactics to children, lack of research on marijuana’s effects, and the need to prevent bad actors and cartels from using the banks to disguise ill-gotten cash to launder money into the financial system. I welcome input from all interested parties on how to thoughtfully address these concerns.”
Sen. Crapo has said he opposes the SAFE Banking Act while marijuana is still federally illegal. The sponsors of the SAFE Banking Act have appealed to him to not change the bill that may taken up in the Committee he chairs. One of the revisions proposed is to only permit banks to accept marijuana clients that sell products with a maximum two percent THC concentration—substantially lower than is marketed at most commercial retailers.