U.S. Senator Catherine Cortez Masto is cosponsoring a bill reforming banking for the cannabis industry. She joined Senator Jeff Merkley of Oregon in introducing the Secure and Fair Enforcement Banking Act.
Cortez Masto says the bill would provide a legal framework for banking and financial services to serve state-legal cannabis businesses.
The bill would reduce the need for cash-only transactions among state-legal cannabis businesses. Cortez Masto says it would protect banks and their officers who provide financial services to legitimate, state sanctioned cannabis businesses from criminal prosecution, liability and asset forfeiture.
The legislation would also restrict federal banking regulators. The KOLO report was cut off before listing the specific actions regulators would be prevented from taking.
“We must make sure that businesses in states where marijuana is legal like Nevada have access to bank accounts and other financial services,” said Senator Cortez Masto.
Nevada is one of the states where marijuana is legal. The senator framed the bill as a way to help Nevada small businesses operate with standard financial services.
“I’m proud to support this legislation that will help Nevada small businesses and make our communities safer in the long run,” said Senator Cortez Masto. “It’s time to finally get this bill done.”
The Secure and Fair Enforcement Banking Act has been introduced in the Senate with Merkley as its lead sponsor and Cortez Masto as a cosponsor. The bill’s next step is consideration in the Senate.
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