NAR Letter to Chair Crapo and Ranking Member Brown Regarding Cannabis/SAFE Banking Act Hearing
Issue Date: July 22, 2019
US S 1200 - Secure and Fair Enforcement (SAFE) Banking Act of 2019
On July 22, NAR sent a letter to Chairman Crapo, Ranking Member Brown, and the members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs. The letter thanks Chairman Crapo and Ranking Member Brown for holding the hearing: “Challenges for Cannabis and Banking: Outside Perspectives.” As more states legalize cannabis use, the industry continues to rapidly grow, with more than $10 billion in sales and $1 billion in state tax revenue already recorded. However, the barriers keeping these state-legal businesses from accessing federally-insured banks can impede their ability to grow while raising safety issues in their communities. For these reasons, NAR supports the bipartisan “Secure and Fair Enforcement (SAFE) Banking Act of 2019” (S. 1200), introduced by Senators Cory Gardner (R-CO) and Jeff Merkley (D-OR), which provides a clear framework for cannabis businesses to access financial services.
The letter is dated today , 2019.