The bill clarifies that proceeds from legitimate cannabis businesses would not be considered illegal and directs federal regulators to craft rules for how they would supervise such banking activity.
Banks have generally been unwilling to do business with companies that sell marijuana or related products, fearing they could run afoul of federal laws. That has left companies in the marijuana industry with few options, including relying on just a handful of small financial institutions or doing business in cash."Banks find themselves in a difficult situation due to the conflict between state and federal law, with local communities encouraging them to bank cannabis businesses and federal law prohibiting it," the group wrote in a letter to lawmakers on Monday. "Congress must act to resolve this conflict.
Thirty-six states have legalized medical cannabis while 17 states now allow adult use, according to the National Conference of State Legislatures. Senate Majority Leader Chuck Schumer, in an early-April interview with Politico, said he would try to advance legislation legalizing marijuana use for adults. Asked about the SAFE Banking Act, he said he would like to see such a bill move forward as part of a more comprehensive measure - even if President Joe Biden was not supportive.
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House votes to limit president's ability to impose discriminatory travel bansThe House voted 218-208 on Wednesday in favor of curbing presidential power to institute broad international travel bans on the basis of religion.Why it matters: The legislation was first introduced last year after former President Trump issued a travel ban covering several Muslim-majority countries. Get market news worthy of your time with Axios Markets. Subscribe for free.The big picture: The No Ban Act would inhibit the sitting president’s power to control immigration by requiring that travel bans be temporary and subject to congressional oversight, among other limitations. The House also passed the Access to Counsel Act, which would ensure that certain immigrants are able to access a lawyer when detained by Customs and Border Protection. It passed 217-207.What they're saying: 'The Muslim ban will forever be a moral stain on our country’s history,' Rep. Ilhan Omar (D-Minn.) said in a statement.'As the only member of Congress to come from one of the previously banned countries, I am thankful for the opportunity to help lead this effort and safeguard the United States as a land of hope and opportunity.' What to watch: Members of the House are now urging the Senate to pass the No Ban Act, though the measure is not expected to advance.Of note: The White House expressed its support for the bill earlier this week, saying, “The prior administration’s haphazard misuse of this authority highlights the need for reasonable constraints,' per AP.Editor's note: This story has been updated with information on the House passage of the Access to Counsel Act. More from Axios: Sign up to get the latest market trends with Axios Markets. Subscribe for free Ok ✅ You mean countries with poor vetting procedures and people who want to you and me?
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