U.S. House Includes SAFE Banking Act in Latest COVID-19 Relief Package
mseisenhut | Adobe Stock

U.S. House Includes SAFE Banking Act in Latest COVID-19 Relief Package

The newly proposed legislation is an updated version of The HEROES Act, which the House initially passed in May.

Subscribe
September 29, 2020

The U.S. House has again included the Secure and Fair Enforcement (SAFE) Banking Act in its latest COVID-19 relief package, as reported by NORML.

The newly proposed legislation is an updated version of The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, which the House initially passed in May and which also included the SAFE Banking provisions.

The SAFE Banking Act would allow state-legal cannabis businesses to work with banks and other financial institutions, and was passed as a standalone bill in the House last fall.

“The inclusion of the SAFE Banking Act in the HEROES 2.0 package is a positive development,” said NORML Political Director Justin Strekal in a public statement. “In the majority of states that regulate the marijuana marketplace, cannabis businesses have been deemed essential during this pandemic. Unfortunately, at the federal level, prohibition compounds the problems that this emerging industry faces. Small cannabis businesses in particular are facing tough economic times and access to traditional financial tools will help ensure that they can weather this pandemic."