Members of the House of Representatives voted 321 to 103 in favor of HR 1595: The SAFE Banking Act, which amends federal law so that explicitly banks and other financial institutions may work directly with state-legal marijuana businesses.
Two-hundred and twenty-nine Democrats and 91 Republicans cast ‘yes’ votes in favor of the measure.
This historic vote marks the first time ever that a chamber of Congress has ever held a successful floor vote on a stand-alone piece of marijuana reform legislation.
Today’s vote is a significant victory for the cannabis reform movement and here’s why: for the first time ever, a supermajority of the House voted affirmatively to recognize that the legalization and regulation of marijuana is a superior public policy to prohibition and criminalization.
Now we look to the Senate, where we are cautiously optimistic. Given the strong bipartisanship of the House vote, coupled with Senate Banking Chairman Mike Crapo’s recent pledge to hold a markup on this issue, we believe that Congress’ appetite to resolve this important issue has never been greater.
But we are not done. In fact, we’re just getting started.
Why NORML Supports Passage of HR 1595: The Safe Banking Act:
Federal law currently defines all marijuana-related endeavors as criminal enterprises, including those commercial activities that are licensed and legally regulated under state laws. Therefore, almost no state-licensed cannabis businesses can legally obtain a bank account, process credit cards, or provide loans to small businesses and entrepreneurs.
In this environment, the rapidly growing multi-billion dollar cannabis industry must operate largely on a cash-only basis, which makes businesses more susceptible to theft and more difficult to audit. This ongoing federal prohibition also places the safety and welfare of these businesses’ customers at risk, as they must carry significant amounts of cash on their persons in order to make legal purchases at retail facilities. For these reasons, NORML has long advocated that federal lawmakers vote “yes” on The SAFE Banking Act.
Today’s vote is a significant first step, but it must not be the last. Much more action will still need to be taken by lawmakers. In the Senate, we demand that lawmakers in the Senate Banking Committee hold true to their commitment to move expeditiously in support of similar federal reforms. And in the House, we anticipate additional efforts to move forward and pass comprehensive reform legislation like The MORE Act — which is sponsored by the Chair of the House Judiciary — in order to ultimately comport federal law with the new political and cultural realities surrounding marijuana.
Now Is the Time to Demand Congress Do MORE.
Now that House members have overwhelmingly shown their support for HR 1595, it is time for them to address more comprehensive reform legislation, namely The Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act.
Introduced by House Judiciary Chairman Jerry Nadler (D-N.Y.), the MORE Act is bipartisan legislation that removes the marijuana plant from the Controlled Substances Act, thereby descheduling the substance at the federal level and enabling states to set their own regulatory policies absent the threat of federal interference.
But, perhaps most importantly, the MORE Act seeks to address many of the past wrongs of marijuana criminalization. Specifically, it would appropriate a portion of the federal taxes collected from the legal industry to pay for the expungement of past criminal records and to partially fund reentry services, job training, and community improvements in jurisdictions that have been most disproportionately impacted by war on marijuana. Furthermore, the MORE Act additional allocates a portion of the federal taxes collected to the Small Business Administration to support small businesses and entrepreneurs who seek to engage in the emerging legal marketplaces.
Take time today to tell your members of Congress that their work is far from over. Nearly one in four Americans now reside in a jurisdiction where the adult use of cannabis is legal and it is time for members of Congress to stand up for their rights and liberties.
Thank you again for your support for NORML and for being on the right side of history. We could never have gotten this far without you, and with your continued support we know that we can ultimately secure cannabis freedom in our time.