April 19, 2021

Rep. Lou Correa Votes To Pass Safe Banking Act

Legislation Ensures Legal Cannabis Businesses Have Access To Basic Financial Services & Predictable Regulatory Environment

WASHINGTON, DC — Today, Congressman Lou Correa (D-CA-46) joined his colleagues in passing the Safe Banking Act, critical legislation that ensures legal cannabis businesses can access basic financial services available to all other companies. 

Rep. Lou Correa said, "The Safe Banking Act does three things — protects the will of the people, protects states' rights, and protects our police officers. Ninety-eight percent of Americans live in a jurisdiction where cannabis is legal in some capacity. The Safe Banking Act ensures these legal cannabis businesses have the same protections and financial services as any other business. 

Due to federal law, legal cannabis businesses do not have access to the same vital financial services every American business relies on. Without access to basic banking, these businesses are forced to operate on a cash basis, putting them at risk and great inconvenience. It is not fair to expect legal business owners to be bared from basic services most businesses depend on or jeopardize their employees and public safety officers. The Safe Banking Act corrects this and ensures all legal enterprises have access to the same essential services."

Watch Congressman Lou Correa’s Floor speech on the Safe Banking Act here.

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Rep. Lou Correa represents California's 46th Congressional District. He serves as Chair of the House Homeland Security Subcommittee on Oversight, Management, and Accountability, and is a Member of the House Judiciary Committee and the House Agriculture Committee. Read more here.