A group of House lawmakers has united to push federal banks and credit unions to serve the American marijuana industry that's been growing rapidly over the past few years.
According to The Hill, the bipartisan union of House lawmakers pushing for the federal bank inclusion of service for marijuana unveiled a bill called the Secure and Fair Enforcement (SAFE) Banking Act that aims to assist cannabis businesses.
The proposal is backed by Rep. Ed Perlmutter (D-Colo.). If approved, federal regulators and prosecutors will no longer have the power to penalize credit unions and banks for assisting marijuana business as long as the entities are abiding by their respective states' laws.
During a hearing on cannabis banking on Wednesday, Rep. Perlmutter said, "If someone wants to oppose the legalization of marijuana, that's their business. But the American voters have spoken and continue to speak and you can't put the genie back in the bottle. The prohibition is over."
A number of Republican lawmakers expressed worries over the proposed act's overlapping with the federal debate on cannabis. Rep. Blaine Luetkemeyer (R-Mo.) pointed out that Congress should first make a decision on the ban of marijuana before the issue on business assistance is resolved.
Another Republican, Rep. Patrick McHenry of North Carolina said whether or not lawmakers agree with the push to open banks and credit unions to cannabis business owners, conflicting federal and state laws on marijuana need to be fixed first.
For Capital Alpha Partners' Director Ian Katz, the bill could have a fair chance of passing House standards. However, Katz highlighted the difficulties that this particular bill could face when it lands in the Senate.
Katz explained that the SAFE Act will not be a success if Senate members who've been raised with the mindset that cannabis is bad refuse to support the bill.
Meanwhile, the issue on cannabis legalization across the United States is still an issue that lawmakers continue to battle with. However, a new survey released by Gallup revealed that liberal Democratic voters are supportive of the notion.
According to Marijuana Moment, the latest Gallup data found out that 81 percent of participants who identified as liberal Democrats said they are in favor of legalizing marijuana in the U.S. 44 percent of conservative Democrats feel the same, while 62 percent of moderate Democrats expressed favor for the recreational and medical cannabis.
Experts believe that the 2020 presidential campaigns will further delve deeper into talks about legalizing cannabis in the U.S. while ensuring that the product will not be abused beyond recreational or medical purposes.
