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House passes cannabis banking bill with bipartisan support

(FILES) This file picture taken on October 8, 2007 in London shows a cannabis plant. Britain is to raise the legal classification of cannabis due to the growing prevalence of the potent skunk form of the drug, despite expert advice against doing so, the interior minister said Wednesday May 7, 2008. Home Secretary Jacqui Smith told parliament she would press for cannabis to be re-classified in law as a Class B drug compared with its current, less serious Class C classification. AFP PHOTO/Leon Neal/FILES (Photo credit should read Leon Neal/AFP via Getty Images)

(FILES) This file picture taken on October 8, 2007 in London shows a cannabis plant. Britain is to raise the legal classification of cannabis due to the growing prevalence of the potent skunk form of the drug, despite expert advice against doing so, the interior minister said Wednesday May 7, 2008. Home Secretary Jacqui Smith told parliament she would press for cannabis to be re-classified in law as a Class B drug compared with its current, less serious Class C classification. AFP PHOTO/Leon Neal/FILES (Photo credit should read Leon Neal/AFP via Getty Images)

(FILES) This file picture taken on October 8, 2007 in London shows a cannabis plant. (Photo by Leon Neal/AFP via Getty Images)

OAN Newsroom
UPDATED  11:25 AM PT – Tuesday, April 20, 2021

The House passed bipartisan legislation that would give the cannabis industry access to banking services.

Lawmakers voted 321-101 on Monday in favor of the so-called SAFE Banking Act. The legislation protects banks and other financial institutions to serve state-legal marijuana businesses without fear of federal punishment.

Speaking on the House floor, Rep. Andy Barr (R-Ky.) said this bill makes some clarifications and will have a meaningful impact.

WASHINGTON, DC - MAY 20:  U.S. Rep. Andy Barr (R-KY) speaks during a news conference with a bipartisan group of House members outside the U.S. Capitol May 20, 2014 in Washington, DC. U.S. Rep. Patrick Murphy (D-FL) and U.S. Rep. Mick Mulvaney (R-SC) are co-sponsoring legislation 'aimed at modernizing America's regulatory system to reduce compliance costs, encourage growth and innovation, and improve national competitiveness."  (Photo by Chip Somodevilla/Getty Images)

WASHINGTON, DC – MAY 20: U.S. Rep. Andy Barr (R-Ky.) spoke during a news conference with a bipartisan group of House members outside the U.S. Capitol May 20, 2014 in Washington, DC. (Photo by Chip Somodevilla/Getty Images)

 

“I spoke with a CBD retailer in my district who confirmed that while the situation has improved somewhat over the last few years, access to card processing services is uneven and uncertain,” Barr stated. “This bill will provide additional clarity for banks, insurance companies, and card processors that they can in fact do business with legally operating hemp businesses.”

The House passed the same bill in 2019, but stalled in the Senate.

The legislation is now heading to the upper chamber, where Senate Majority Leader Chuck Schumer (D-N.Y.) said it will receive a vote.

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