|
SAFE Banking Act is Far From “Safe”
|
|
 Today, marijuana is more potent than it was 20-plus years ago and comes in many forms that all contain differing levels of delta-9-tetrahydrocannabinol (THC), the chemical giving the drug user euphoria and intoxication, and cannabidiol (CBD). Marijuana use not only leads to physical dependence, addiction, agitation, paranoia, but it also harms developing brains. Unfortunately, the House of Representatives will vote this week to further encourage its use and accessibility. Shockingly, 26 Republicans have lent their name to this legislation. The list can be viewed here.Â
Â
Representative Ed Perlmutter’s (D-CO) SAFE Banking Act, H.R. 1595, allows marijuana businesses access to the federal banking system. Specifically, the SAFE Banking Act prevents federal banking regulators from punishing financial institutions that finance marijuana businesses that are legal under state or local laws. The bill undermines federal law and allows for legal money laundering in which banks receive illegally obtained funds.
Â
Further, it will encourage marijuana businesses marketing efforts targeted at young adults, pregnant women, and children. In August, Surgeon General Jerome Adams announced an advisory warning against the use of marijuana by adolescents and pregnant or breastfeeding women. Adams, flanked by members of the D.C. health community, including the Department of Health and Human Services (HHS) Secretary Alex Azar, stressed the grave risk marijuana use poses to developing adolescent and fetal brains.
Â
Lastly, H.R. 1595 Acts as a back-door method to marijuana’s federal legalization and includes no protections prohibiting drug traffickers from accessing the banking system. As the political director of the National Organization for the Reform of Marijuana Laws Justin Strekal said, “It is our hope that after the successful passage of the SAFE Banking Act in the House, we will be able to advance legislation that ends the federal criminalization of cannabis once and for all…”
The SAFE Act has been placed on the House Suspension calendar where it has the potential to be passed unanimously without a roll call vote. Please ask your Representative not only to oppose this method of passage, but also to oppose the bill in its entirety. Call or email today!
Â
Capitol Switchboard: 202-224-3121
|
|
|
|
