Friday, December 2, 2022

House Approves Marijuana Banking Bill, Attaches It To America COMPETES Act

The amendment from sponsor Rep. Ed Perlmutter (D-CO) was preliminarily approved on Wednesday on a voice vote

By Maureen Meehan

The U.S. House of Representatives formally attached a marijuana banking reform amendment to a large-scale bill dealing with innovation and manufacturing, marking the most recent development in the push to protect financial institutions that work with state-legal cannabis businesses.

Marijuana Moment first reported that the amendment from sponsor Rep. Ed Perlmutter (D-CO) was preliminarily approved on Wednesday on a voice vote as part of an ‘en bloc group’ with other amendments, but a roll call was requested. The chamber then took that package back up on Thursday and passed it in a 262-168 vote.

cannabis money banking
Photo by mekcar/Getty Images

“There was no floor debate about the cannabis provision itself, demonstrating how relatively noncontroversial the bipartisan-supported reform is in the House,” noted Marijuana Moment‘s Kyle Jaeger. “The Senate, as observers of the issue know, is a different story.” Yes, we do.

What’s Next?

Advocates will need to wait and see whether the America COMPETES Act, with the now-attached Secure and Fair Enforcement (SAFE) Banking Act, will actually pass in the House on Friday when a final vote is expected.

Marijuana legalization proponents have been pushing for the SAFE Banking Act to be passed into law for several years.

RELATED: SAFE Act Just Got Re-Added To Defense Bill As Amendment, But Could It Pass On Its Own?

Though legislative hurdles have arisen in the past, it appears as though there may be momentum for meaningful change. The hope is that bicameral negotiations do not remove the desired language from the currently proposed legislation, ultimately setting the stage for its enactment.

This article originally appeared on Benzinga and has been reposted with permission.

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