MERKLEY APPLAUDS HOUSE PASSAGE OF SAFE BANKING ACT

MERKLEY APPLAUDS HOUSE PASSAGE OF SAFE BANKING ACT


By:  Kyle Bailey

Oregon’s Senator Jeff Merkley applauded the passage of the Secure and Fair Enforcement Banking Act in the U.S. House on Wednesday.

A release from Merkley said he authored the legislation to ensure that legal cannabis and hemp businesses in Oregon and across the country have access to banking services. The release said currently most banks are wary of serving businesses that are in conflict with federal law. That means many legal cannabis businesses are forced to operate in all cash. Merkley said that is “an invitation to crime, money laundering, and robbery”.

Wyden said now that the bill has passed the House “its time for the Senate to act”. Merkley said he is hopeful the legislation will move quickly through committee, to the Senate floor, and ultimately to the President’s desk.