SAFE Banking Act endorsed by National Conference of State Legislatures
3 mins read

SAFE Banking Act endorsed by National Conference of State Legislatures

Three key points of the TDR regarding the National Conference of State Legislatures and the Secure Banking Act:

  1. The push for the SAFE Banking Act is gaining momentum with significant support.
  2. National Conference of State Legislatures Supports SAFE Banking Act
  3. The economic impact of the SAFE Banking Act could be transformative for the cannabis industry.

Calls for action on the SAFER Banking Act by various groups are gaining momentum, a sentiment underlined during a recent visit to Washington DC by The Dalles Report (TDR) team. During this trip, TDR had the opportunity to speak with Senators J.D. Vance, Steve Daines, Rand Paul, Robert Menendez, and Cory Gardner, all of whom acknowledged the increasing pressure for legislative action. This narrative matches TDR's prior discussion with Congresswoman Nancy Mace on the “Trade to Black” program, indicating a growing consensus on the need to rapidly pass this act.

The National Conference of State Legislatures (NCSL) has publicly Supported SECURE BANKING ACT. The organization emphasizes that the Act will significantly reduce the financial barriers currently faced by legal cannabis businesses, which are forced to operate primarily in cash due to federal banking restrictions. This support is a key element in a broader push by many state legislatures, who argue that current banking laws do not adequately reflect the realities of legalized cannabis at the state level.

NCSL's further insights highlight the critical need for the SAFE Banking Act to ensure that businesses can operate safely and efficiently. By allowing cannabis businesses access to banking services, the Act aims to reduce the public safety risks associated with large-scale cash transactions. Additionally, it is seen as a step toward fixing inconsistencies between state and federal laws related to cannabis, promoting a more consistent regulatory and financial framework.

The impact of the SAFER Banking Act extends beyond regulatory compliance and public safety. Economic analyzes suggest that the Act could unleash new financial possibilities within the cannabis industry by facilitating easier access to loans, credit lines, and other banking services. This potential increase in economic activity is especially important at a time when many states are looking for new revenue sources to strengthen their economies in the wake of the pandemic.

The campaign for the SAFER Banking Act reflects a broader trend of growing legislative support for cannabis-related reforms at both the state and federal levels. With influential bodies such as NCSL advocating for these changes, there is a shift towards more progressive policies that recognize and integrate the economic, social and legal dimensions of cannabis use and commerce.

The momentum seen by the TDR and the synergy with the discussions among key policymakers suggests a critical moment in cannabis legislation. The growing voice for the SAFER Banking Act, fueled by praise and support from members of both houses of Congress, points to an inevitable shift that paves the way for significant legislative reforms in the near future.

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