Pascrell Supports SAFE Banking Act

Legislation to extend protections to legitimate cannabis businesses passes House

WASHINGTON, D.C. – Today, U.S. Rep. Bill Pascrell, Jr. (D-NJ-09) voted in favor of H.R.1595, the Secure and Fair Enforcement (SAFE) Banking Act. Co-sponsored by Rep. Pascrell, the legislation was approved by the House and would allow marijuana-related businesses in states like New Jersey with existing regulatory structures to access the banking system.

“Our federal banking laws were created to assist law enforcement and prevent illegal activity. While those priorities remain paramount, these laws must be modernized to apply to all legitimate businesses,” said Rep. Pascrell. “SAFE Banking Act would allow those that operate in the burgeoning cannabis industry the same rights and protections as other businesses. The bill can reduce violent crime and make communities safer by allowing all-cash businesses the opportunity to access financial services. Increasing transparency and accountability in this industry can also help the government enforce our tax laws, while ensuring fairness for consumers. I am proud to support this legislation, thank the members of the House Financial Services Committee for their diligent work in advancing it, and call on the Senate to approve this measure.”

New Jersey Attorney General Gurbir S. Grewal joined other state Attorneys General in sending a letter to the Congress asking for passage of SAFE Banking Act.

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