US House of Representatives Passes SAFE Bill as Part of Defense Spending Bill

By Jelena Martinovic

The U.S. House of Representatives passed an amendment on Tuesday that would allow banks to do business with cannabis companies without being penalized by federal regulators.

The action approved by a vote is part of a extensive bill for defense spending, came after the House Rules Committee made the change from Representative Ed Perlmutter (D-CO) for ground consideration, marijuana moment reported, adding that this was one of several drug policy proposals that lawmakers hoped to bring to the world National Defense Permit Act (NDAA).

RELATED: Why the Cannabis Industry Needs Congress to Pass the SAFE Banking Act

Photo by Kindel Media from Pexels

“This will strengthen the security of our financial system in our country by keeping bad actors like foreign cartels out of the cannabis industry. But most importantly, this change will reduce the risk of violent crime in our communities, ”said Mother of pearl, who had reintroduced the bill. “Trading cash makes these companies and their employees the target of robbery, robbery, break-ins and more.”

Whether as a separate piece of legislation or as part of a wider piece of legislation, the measure was widely supportedalthough some are pushing for broader changes to cannabis laws to be made first.

RELATED: US Cannabis Legislation Update: “SAFE Act Gaining Steam”

In an interview with Marijuana Moment, Senate Majority Leader Chuck Schumer (D-NY) argued that the passage of the Secure and Fair Enforcement (SAFE) Banking Act could initially affect support for broader reform.

“I’ve always believed that while we have to deal with banking and finance, we should do it with legalization because the [SAFE Banking Act] brings in some people who normally don’t support legalization and we want to form the broadest possible coalition, ”said Schumer, who is known for his efforts to legislate cannabis legalization that prevents alcohol and tobacco giants from entering the industry dominate, told marijuana moment.

This article originally appeared on Benzinga and was republished with permission.