Push for Cannabis Banking in America COMPETES Act

As the U.S. Senate and House of Representatives formally begin a reconciliation conference session for the America COMPETES Act and the U.S. Innovation and Competition Act (USICA), Representative Earl Blumenauer (D-Oregon), a longstanding champion for cannabis reform, sent a letter to House and Senate leadership and fellow conferees on April 27th calling for the Secure and Fair Enforcement (SAFE) Banking Act to be included in the final conference committee report. House Financial Services Committee Chairwoman, Maxine Waters (D-California), also listed the SAFE Banking Act as a legislative priority.  A recent surge in crime that targets cash-intensive marijuana businesses in legal states, is partially responsible for the attempt to advance cannabis banking reform through this method. Final passage of the legislation remains months away, but the formal conference process provides opportunity for the two chambers to reconcile their different versions of the bill.