ALTA Applauds Passage of SAFE Banking Act in House of Representatives

Strategic Insights -

The American Land Title Association (ALTA) has welcomed the U.S. House of Representatives' passage of the SAFE Banking Act (HR 1996), a bill that aims to clarify compliance for businesses in the cannabis industry. The legislation, which passed with a vote of 321-101, will prevent federal regulators from taking enforcement actions against financial institutions and insurance companies that do business with the cannabis industry in states where it is legal. This development is seen as a significant step towards resolving conflicts between federal and state law regarding cannabis.

Key Takeaways:

  • The American Land Title Association (ALTA) has applauded the U.S. House of Representatives for passing the SAFE Banking Act (HR 1996) with a vote of 321-101.
  • The bill aims to clarify compliance for businesses in the cannabis industry, particularly in states where cannabis is legal.
  • The legislation prevents federal regulators from taking enforcement actions against financial institutions and insurance companies that do business with the cannabis industry.
  • The bill provides protection from prosecution for handling cannabis funds and will move businesses away from cash-only transactions into the banking system.
  • The American Land Title Association CEO Diane Tomb expressed support for the bill, praising the leadership of Representative Ed Perlmutter and others for passing this important legislation.
  • The U.S. Senate has a companion bill introduced by Senators Jeff Merkley (D-OR) and Steve Daines (R-MT), which will be considered to help resolve conflicts between federal and state law regarding cannabis.
  • U.S. Rep. Ed Perlmutter will be speaking during the 2021 ALTA Advocacy Summit, which will be held virtually May 18-20.

Statistics:

  • 321: The number of votes in favor of the SAFE Banking Act (HR 1996) in the U.S. House of Representatives.
  • 101: The number of votes against the SAFE Banking Act (HR 1996) in the U.S. House of Representatives.
  • 2021: The year in which the 2021 ALTA Advocacy Summit will be held virtually, May 18-20.

Sources:

  • American Land Title Association (ALTA)
  • U.S. House of Representatives
  • Representative Ed Perlmutter (D-CO)
  • Representative Nydia M. Velazquez (D-NY)
  • Representative Steve Stivers (R-OH)
  • Representative Warren Davidson (R-OH)
  • Senators Jeff Merkley (D-OR)
  • Senators Steve Daines (R-MT)