Secure and Fair Enforcement Banking Act of 2021

Floor Speech

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Mr. JOYCE of Ohio. Mr. Speaker, I rise in favor of H.R. 1996, the SAFE Banking Act of 2021, and I am proud to help lead this commonsense, overdue effort.

The vast majority of States, including my own, have enacted laws that, to varying degrees, permit their residents to use cannabis. However, the Federal Government has not only infringed on the inherent right of these States to implement those laws, but also stifled medical research, diverted law enforcement resources needed elsewhere, and hindered legitimate businesses, businesses that provide vital services to cancer patients, veterans, and those seeking opioid alternatives for pain management.

Because of the Federal interference in this arena, cannabis companies are not afforded the same access to financial services as every other legal business in our country.

With banks refusing to accept their money out of fear of Federal repercussions, these businesses are forced to operate in all cash. They pay their workers in cash, store cash in vaults on-site, and hire armored cars and trucks to transport cash to pay taxes.

As a former prosecutor, I can tell my colleagues that this is a serious public safety issue.

But it is not just cannabis companies that are paying the price for this antiquated policy. Small businesses that provide services to State-legal cannabis companies can also be targeted by the Federal Government, such as plumbers, electricians, and even soil and fertilizer businesses.

Regardless of where you stand on the legality of cannabis, I think we can all agree that it shouldn't be that hard to sell a bag of dirt.

At a time when small businesses are just beginning to recover from the economic destruction caused by COVID-19, the Federal Government should be supporting them, not standing in their way. Congress must provide financial certainty to these businesses and safety to their employees.

Many of my colleagues have shied away from this issue because they are under the impression that it doesn't impact their constituents. But as I have outlined here today, it most certainly does.

The American people across the majority of States, both red and blue, have voted to enact sensible cannabis reforms. I encourage all of my colleagues to respect the will of their constituents and the rights of their States and begin engaging in these reforms.

It is past time we address the antiquated cannabis policies and remove unnecessary red tape. I strongly urge my colleagues on both sides of the aisle to vote in favor of the SAFE Banking Act so we can take a step in that direction.

The Federal Government can no longer afford to fail on an issue that our States have taken the lead on.

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