ICBA submitted testimony calling on the Senate Banking Committee to take up legislation that would establish a cannabis-banking safe harbor in states where cannabis is legal.
In a written statement for the committee’s hearing on the Secure and Fair Enforcement Banking Act, ICBA said the bill would enhance public safety and address regulatory compliance concerns.
At the hearing, Chairman Mike Crapo (R-Idaho) raised concerns about the safe harbor, such as how it would affect banking across state lines. Crapo has expressed doubts about the policy in the past, raising questions about what’s next for the Senate version of the bill after the House Financial Services Committee passed its version in March.
ICBA will continue working to advance the legislation in the House and Senate.