releases: https://horn.house.gov/media/press-releases/congresswoman-horn-pushes-passage-bipartisan-bill-giving-cannabis-related
Data license: MIT · Data source: dwillis/congress-press
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| https://horn.house.gov/media/press-releases/congresswoman-horn-pushes-passage-bipartisan-bill-giving-cannabis-related | Congresswoman Horn Pushes for Passage of Bipartisan Bill giving Cannabis-Related Business’ Access to Banking Services | 2019-09-25 | 2019 | 2019-09 | Democrat | House | OK | Kendra Horn | H001083 | horn.house.gov | legacy | WASHINGTON D.C. - Today, Congresswoman Kendra Horn voted to pass H.R. 1595, the SAFE (Secure and Fair Enforcement) Banking Act. Congresswoman Horn co-sponsored this bipartisan legislation creating a safe harbor from federal sanctions for banks who serve cannabis-related businesses (CRBs) in states and jurisdictions where these businesses are legal. The bill passed the House of Representatives 321-103. This bipartisan bill is a right-sized solution that is good for business and public safety, said Congresswoman Horn. The conflict between state and federal laws prevents Oklahoma cannabis-related businesses from using banks to deposit their revenue, pay their bills, and finance capital improvement projects, and makes it challenging to file their taxes. It has also created a serious safety hazard for businesses by forcing them to hold large amounts of cash on their premises, and it increases the likelihood of tax evasion. H.R. 1595 would prevent federal banking regulators from limiting a bank's deposit insurance, downgrading a loan, prohibiting or discouraging the provision of banking services, or taking any other prejudicial action solely because a bank's customer is a CRB. These provisions would extend to banks serving ancillary businesses working with CRBs, such as landlords, accountants, utility providers, and others that may be paid in funds derived from cannabis sales. For CRBs, many of which are small businesses, the SAFE Banking Act would allow access to secure and safe money saving and investing services. Roger Beverage, President and CEO of the Oklahoma Bankers Association shared, We are very grateful for the support we've received from Congresswoman Kendra Horn on the SAFE Banking Act. She's been with us every step of the way on this and we're very appreciative of her efforts. This bill will significantly improve the safety and security for all Oklahomans who either operate or do business with CRBs because of their current all-cash nature. Additionally, it will support local economic growth by allowing CRBs to be a part of traditional banking services and ensure that the industry's employees, suppliers, customers, service providers and others remain within the banking system. Currently, 33 states have some form of legalized cannabis. H.R. 1595 defends states' rights by allowing banks in states where cannabis is legal to serve cannabis businesses but does not force banks in states where it is illegal to do so. The SAFE Banking Act supports Oklahoma's growing cannabis industry and works to keep Oklahomans that work in and around this industry safe. I was proud to support this pragmatic legislation that makes our communities safer, protects states' rights, supports small business, and grows our economy, said Congresswoman Horn. H.R. 1595, the SAFE Banking Act, is supported by the Oklahoma Bankers Association and the 49 other state banking associations, the Oklahoma Attorney General and 37 other State Attorneys General, Oklahoma Credit Union Association, Community Bankers Association of Oklahoma, Minority Cannabis Business Association (MCBA), and United Food and Commercial Workers (UFCW). ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |