Tom Cole voted Yea (Passage) on this Legislation.
Read statements Tom Cole made in this general time period.
Title: SAFE Banking Act of 2021
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.
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