releases: https://mcadams.house.gov/media/press-releases/mcadams-moves-bill-forward-help-utah-medical-marijuana-program-legally-access
Data license: MIT · Data source: dwillis/congress-press
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| https://mcadams.house.gov/media/press-releases/mcadams-moves-bill-forward-help-utah-medical-marijuana-program-legally-access | McAdams moves bill forward to help Utah medical marijuana program legally access banking services | 2019-03-29 | 2019 | 2019-03 | Democrat | House | UT | Ben McAdams | M001209 | mcadams.house.gov | legacy | Washington DCCongressman Ben McAdams today supported a bipartisan bill in the House Financial Services Committee the SAFE Banking Act to help Utah's effort to gain access to legal banking services for the state's medical marijuana business. The bill, H.R. 1595, moved through committee Thursday. The committee mark up moves it closer to a vote by the full House. McAdams sits on the committee. It passed on a bipartisan vote of 45-15, including support from 11 Republicans. Thirty-four states, including Utah, have now legalized medical marijuana and yet commerce is carried out in cash-filled duffle bags because marijuana sales and distribution are still illegal under federal law, said McAdams. Until there's a safe harbor' for these state-approved businesses to use banks and credit unions for processing financial transactions, medical marijuana venders will remain easy targets for crime. McAdams said that the Utah State Treasurer and the Utah legislature have called on Congress to solve the problem and the SAFE Banking Act provides help. The legislature recently passedand Governor Herbert signed-- SCR 7 a resolution urging President Trump and Congress to remove the barriers to banking services for Utah's medical marijuana system. Nationally, the financial services industry has been calling for guidance on how to do business with companies that are legal in many states but are not legal at the federal level. Compliance burdens and fear of violating anti-money laundering laws have kept the number of financial institutions willing to do business with marijuana companies to only a few dozen. McAdams said that the SAFE Banking Act does not legalize marijuana but protects state-authorized marijuana businesses, along with supply chain companies, such as real estate companies, accountants or lawyers who work with medical marijuana businesses, from losing their banking services. It also requires federal banking regulators to develop uniform guidance and examine procedures to help financial institutions lawfully serve state-authorized marijuana businesses. McAdams thanked the bill's sponsor, Congressman Ed Perlmutter, for his leadership on the legislation. Oregon Senator Jeff Merkley is expected to introduce companion legislation later this year in the Senate. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |