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House panel approves marijuana banking bill | TheHill
The House Financial Services Committee on Wednesday approved legislation that would allow banks to work with marijuana businesses that are legal under state law.
The SAFE Banking Act was approved by the committee in a 45-15 vote, sending the bill to the full House.
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The current Federal laws prevent banks & credit card companies from doing business with companies involved in the MJ business. This has created a cash-only business environment that has the potential for criminal activity, like money laundering, theft, armed robbery & tax cheating. This bill looks to be a step in the right direction & could be good for this business area overall.
The House Financial Services Committee on Wednesday approved legislation that would allow banks to work with marijuana businesses that are legal under state law.
The SAFE Banking Act was approved by the committee in a 45-15 vote, sending the bill to the full House.
==========================================
The current Federal laws prevent banks & credit card companies from doing business with companies involved in the MJ business. This has created a cash-only business environment that has the potential for criminal activity, like money laundering, theft, armed robbery & tax cheating. This bill looks to be a step in the right direction & could be good for this business area overall.