U.S. House passes SAFE Banking Act

WASHINGTON — The U.S. House of Representatives advanced the SAFE Banking Act to the Senate in an effort to allow marijuana and hemp businesses to access the wider financial system.

The chamber voted 321-103 to pass the bill Wednesday afternoon. Republicans were split, voting 90-102 against the bill. A lone Democrat voted in opposition.

The bill’s sponsor, Colorado Rep. Ed Perlmutter (D-7), pitched the bill as a way to reduce fraud and prevent crime related to attacks on marijuana industry employees carrying cash to and from their place of work.

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The bill also protects third-party vendors, such as landlords and repairmen, from being charged with money laundering by dealing with marijuana businesses, and prohibits a bank from closing an account due to political beliefs.

“Prohibition is over,” he said.

Rep. Patrick McHenry (R-North Carolina) was one of the legislators who spoke against the bill, saying the act doesn’t fully deal with the larger issue of the federal prohibition on marijuana and could allow drug cartels to more easily access the banking system.

“We owe it to our constituents to have a debate on the underlying issue of whether cannabis should be scheduled as a Schedule I drug,” he said.

Rep. Andy Barr (R-Kentucky) said his district has several hemp farmers producing the plant for manufacturers such as Patagonia Inc., while carmaker Toyota is looking at using hemp in making interiors.