AN ISSUE OF PUBLIC SAFTEY

United States Representative Denny Heck for Washington continues to push for the Marijuana Businesses Access to Banking Act in hopes to aid cannabis-related businesses with their current banking issues.

Current federal banking laws do not permit banks and credit unions to work with cannabis-related businesses. With cannabis legal in states like Washington, it is ultimately an issue of public safety because many cannabis-related businesses continue to stand as targets for robberies, some of which can be fatal for security guards and employees.

Representative Heck stated in a press release, “First and foremost this is an issue of public safety. Not only are the proprietors at risk, but the employees and customers are also at risk of serious and violent crimes.”

“The federal government can’t keep an eye on business practices if they are forcing them offline and underground. Forcing businesses into cash-only territory is a dangerous step away from legitimacy, transparency and regulation and a huge step towards crime, tax evasion and access to minors.”

While the passing of this bill would benefit cannabis-related businesses in Heck’s home state of Washington, the Marijuana Businesses Access to Banking Act would also make a difference nationwide, “The federal government can’t keep an eye on business practices if they are forcing them offline and underground. Forcing businesses into cash-only territory is a dangerous step away from legitimacy, transparency and regulation and a huge step towards crime, tax evasion and access to minors.”

If passed, this legislation would allow banking institutions civil protections when working with tightly regulated cannabis-related businesses. Federal banking regulators couldn’t threaten bank and credit unions that are working with legitimate cannabis-related businesses, which is currently not the case.

This is the third year that Heck has proposed this legislation, and he continues to see the necessity in doing so to protect businesses, residents and even the government.

In June, Heck and Perlmutter introduced an amendment to the Financial Services and General Government Appropriations Act 2017 to the House, with hopes that the amendment could prevent federal regulators from penalizing banks and credit unions that choose to work with regulated cannabis businesses. Unfortunately, House Republicans in a Rules Committee blocked votes on the amendment proposal.

In response to the House Republicans’ decision, Heck stated, “Frankly, I’m frustrated by this terrible decision, and the American people should be, too. We’ve been pushing for this common-sense change for more than three years now, received bipartisan support . . . and now all the sudden this issue is labeled a ‘poison pill.’” While it is a disappointment to Heck and other supporters of making this positive change for cannabis businesses, there still seems to be hope in the future.

CULTURE was able to connect with Kati Rutherford, Deputy Chief of Staff and Director of Communications for the U.S. House of Representatives regarding the issue, “One thing I can tell you is that we are proposing changing the federal law, so if passed, this bill would apply in all states with legal recreational and medical cannabis markets.” It appears that Heck and his team will not end the fight to allowing banks and other financial institutions to work with cannabis-related businesses without fear of negative repercussions.