AYRWF - Rep. Perlmutter urges Democratic Senate leaders to pass marijuana banking legislation

Rep. Ed Perlmutter (D-Colo.) is pressuring Democratic leaders in the Senate, including Majority Leader Chuck Schumer (N.Y.), to pass the SAFE Banking Act. The legislation, which Perlmutter is the main sponsor of, was included as an amendment to the America COMPETES Act which passed the House in February. It would allow cannabis companies access to the U.S. banking system. In a letter addressed to Schumer, and Sens. Cory Booker (N.J.), Ron Wyden (Ore.), and Sherrod Brown (Ohio), Perlmutter said that it will allow state-legal, legitimate business to operate like any kind of business, noting that small and minority-owned businesses have been disproportionately impacted by a lack of banking services. He added the bill will also improve public safety since cannabis businesses currently operate as cash only, they are the frequent targets of robberies. Perlmutter said that the Senate has 42 cosponsors for the SAFE Banking Act, including nine Republicans. The

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Rep. Perlmutter urges Democratic Senate leaders to pass marijuana banking legislation