2022: Fitzpatrick Voted To Permit State-Legal Cannabis-Related
Businesses To Access The Banking System. In July 2022, according to
Congressional Quarterly, Fitzpatrick voted for the National Defense
Authorization Act for Fiscal Year 2023, which would "allow state-legal
cannabis businesses to access the banking system." The vote was on
passage. The House passed the bill by a vote 329-101, thus the bill was
sent to the Senate. The Senate did not take substantive action on the
legislation. The FY 2023 Defense Authorization was passed with H.R.
7776. [House Vote 350,
7/14/22; Congressional
Quarterly, 7/14/22;
Congressional Actions, H.R.
7900]
2022: Fitzpatrick Voted For An Amendment That Allowed State-Legal
Cannabis Businesses To Access The Banking System. In July 2022,
according to Congressional Quarterly, Fitzpatrick voted for en bloc
amendments no. 4 to the National Defense Authorization Act for Fiscal
Year 2023, which would, in part, "allow state-legal cannabis businesses
to access the banking system." The vote was on the adoption of
amendments. The House adopted the amendments by a vote 277-150. [House
Vote 334, 7/14/22;
Congressional Quarterly,
7/14/22; Congressional Actions,
H.Amdt.
271;
Congressional Actions, H.R.
7900]
2021: Fitzpatrick Voted To Forbid Federal Banking Regulators From
Punishing Financial Service Institutions For Servicing Lawful
Cannabis-Related And Hemp-Related Businesses, Which Would Protect
Financial Service Institutions From Criminal And Civil Penalties. In
April 2021, Fitzpatrick voted for the SAFE Banking Act of 2021 which
would, according to Congressional Quarterly, "prohibit federal banking
regulators from penalizing financial service institutions for providing
services to marijuana-related businesses operating in accordance with
state law. It would protect financial service institutions from criminal
and civil penalties for providing such services or for engaging in
transactions involving proceeds from a marijuana-related business
[...] extend similar protections for hemp-related businesses." The
vote was on passage. The House passed the bill by a vote of 321-101. The
Senate did not take substantive action on the bill. [House Vote 120,
4/19/21; Congressional
Quarterly, 4/19/21;
Congressional Actions, H.R.
1996]
The Bill Would Make Several Critical Changes To Bank Regulations
That Guide How Banks Choose To Serve Cannabis-related Businesses In
States Where Medical And Recreational Use Has Been Legalized.
According to Forbes, "The bill, which has received bipartisan
support each time it's been introduced -- and which passed the House
of Representatives with overwhelming bipartisan support in April by
a vote of 321 to 101, earning backing from 106 Republicans -- would
make a number of important changes to the regulations which guide
how banks across the nation choose to serve (or not to serve)
legitimate cannabis-related businesses in states that have legalized
its use for medical or recreational purposes." [Forbes,
12/3/21]
The Bill Would Protect Banks And Financial Institutions That Serve
Cannabis-related Businesses Operating Within Their Legal
Limitations. According to Forbes, "The primary purpose of the SAFE
Banking Act is to protect banks and financial institutions who
choose to service cannabis-related businesses operating within their
state's legal and regulatory frameworks." [Forbes,
12/3/21]
Due To Cannabis' Classification As A Schedule I Drug, Banks
Currently Could Be Penalized By Federal Regulators For Serving
Cannabis-related Businesses. According to Forbes, "Right now,
cannabis is still listed as a Schedule I drug by the U.S. Drug
Enforcement Agency, meaning that banks could face penalties from
federal regulators for serving legitimate businesses in states that
have legalized uses for cannabis." [Forbes,
12/3/21]
Due To The Potential Of Penalties, Many Cannabis-related
Businesses Opt For A Cash-Only Model, Making Them More Vulnerable To
Scams, Theft, And Violent Crimes. According to Forbes, "As a
result, many cannabis-related businesses have had to resort to a
cash-only model, which leaves them susceptible to theft, fraud, and
violent crime." [Forbes,
12/3/21]
The Bill Would Forbid Federal Regulators From Penalizing Banks Who
Serve Legitimate Cannabis-related Businesses So They May Operate
More Safely Within A Trustworthy Financial Institution Instead Of
Resorting To A Cash Model. According to Forbes, "The SAFE Banking
Act would explicitly prohibit federal regulators from handing down
penalties on banks who serve legitimate businesses, meaning that
they could operate with safer, more trustworthy financial practices
rather than relying entirely on cash. " [Forbes, 12/3/21]
The Bill Would Allow Legitimate Cannabis-related Businesses Access
To Critical Financial Services Like A Checking Account And
Facilitating The Acceptance Of Credit Or Debit Card Payments.
According to Forbes, "One of the primary benefits of the bill, as
described by Rep. Perlmutter, is that it allows entirely legal,
legitimate businesses to access important financial services like a
checking account, while also making it easier for them to accept
alternate forms of payment like credit or debit cards." [Forbes,
12/3/21]
The Bill Would Have Required The Financial Crimes Enforcement
Network And Other Regulators To Modernize Their Guidance Regarding
Cannabis-Related And Hemp-Related Businesses. According to
Congressional Quarterly, "require the Financial Crimes Enforcement
Network and other federal regulators to update certain guidances
related to such businesses." [Congressional Quarterly,
4/19/21]
The Bill Would Have Required Diversity And Inclusion Reports,
Primarily On Minority And Women-Owned Cannabis-Related Businesses
And Their Access To Financial Services. According to Congressional
Quarterly, "require reports on diversity and inclusion in access to
financial services for minority- and women-owned marijuana-related
businesses." [Congressional Quarterly,
4/19/21]