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HR 1996 - SAFE Banking Act of 2021 - National Key Vote

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Title: SAFE Banking Act of 2021

Vote Smart's Synopsis:

Vote to pass a bill that prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate cannabis-related business.

Highlights:

 

  • Prohibits federal banking regulators from penalizing depository institutions for providing banking services to a legitimate cannabis-related business, including (Sec. 2):

    • Terminating or limiting the deposit insurance or share insurance of a depository institution; or

    • Discouraging a depository institution from offering financial services to a legitimate cannabis-related business.

  • Prohibits proceeds from a transaction involving activities of a legitimate cannabis-related business from being considered proceeds from unlawful activity, and therefore, not subject to anti-money laundering laws (Sec. 3).

  • Exempts a depository institution from being liable or subject to asset forfeiture for providing a loan or other financial service to a legitimate cannabis-related business (Sec. 4).

  • Prohibits a federal banking agency from requesting or ordering a depository institution to terminate a customer account unless under the following circumstances (Sec. 13):

    • The agency has a valid reason for such a request or order, including:

      • Threats to national security; or

      • Involvement in terrorist financing, including state sponsorship of terrorism; and

    • That reason is not based solely on reputation risk.

  • Reduces the cap on the surplus funds of the Federal Reserve Banks by $6 million (Sec. 15).

NOTE: THIS LEGISLATION NEEDED A TWO-THIRDS MAJORITY VOTE TO PASS

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