The American Bar Association (ABA) recently released resolutions showing support for the SAFE Banking Act now hovering in limbo in the Senate.
The SAFE Banking Act passed in the House last year and progressed to the Senate, awaiting the scheduling of a vote. But it has stalled, even as Banking Committee chair Sen. Mike Crapo (R-ID) is receiving pressure from stakeholders to advance the legislation, and pressure from some fellow lawmakers opposed to anything that smacks of Federal legalization of marijuana.
The ABA advocates for their own constituency’s protection against prosecution or negative effects, such as the shutting down of attorney bank accounts, for working with clients who are part of legal cannabis companies and related companies.