House Passes SAFE Banking Act

House Passes SAFE Banking Act

SAFE Act

Pennsylvania Association of Community Bankers applauds the US House of Representatives following passage of HR 1595 the Secure And Fair Enforcement (SAFE) Banking Act by a vote of 321-103.

“Pennsylvania’s community bankers are pleased with US House passage of the SAFE Banking Act. Inconsistency in state and federal law has created public safety concerns, as many cannabis related businesses remain unbanked. This legislation addresses financial institutions’ compliance and regulatory concerns, allowing legitimate cannabis related businesses and their ancillary businesses to have access to banking services,” said Kevin Shivers, PACB President and CEO.

“PACB is especially grateful to the Pennsylvania Congressional members who voted for the measure. We look forward to working with US Sens. Pat Toomey and Robert Casey, Jr. as the legislation’s consideration begins in the US Senate.”

As the debate heads to the Senate, PACB will continue its grassroots advocacy to advance this legislation in that chamber.