Republicans ask Waters to delay vote on marijuana banking bill

Republicans on the House Financial Services Committee are seeking to postpone consideration of marijuana banking legislation scheduled to be brought to vote next week by the panel’s Democratic chair, Rep. Maxine Waters of California.

Ranking member Rep. Patrick McHenry of North Carolina and Rep. Blaine Luetkemeyer of Missouri wrote Ms. Waters on Thursday raising concerns about Congress potentially passing the Secure And Fair Enforcement (SAFE) Banking Act, a bipartisan proposal meant to protect banks that work with marijuana businesses in weed-friendly states.

“The impact that many state laws, which have legalized marijuana, have on the federal laws governing the manufacturing, use, and sale of marijuana, including proceeds, raise many questions and concerns,” the Republicans wrote.

“Any change to these statutes, or those that impact them, has the potential to divide the Congress and the country. We must ensure that Congress has done its due diligence, including conducting thorough oversight and review, before moving such legislation.”

The SAFE Banking Act is currently scheduled to face a committee vote next Tuesday, making it the first marijuana bill of 2019 to be considered by the 116th Congress. It was introduced by Rep. Ed Perlmutter, Colorado Democrat, and has garnered the support so far of 143 co-sponsors, including 12 Republicans.

Under the bill, “proceeds from a transaction conducted by a cannabis-related legitimate business shall not be considered as proceeds from an unlawful activity solely because the transaction was conducted by a cannabis-related legitimate business.”

A copy of the letter to Ms. Waters was first reported by Marijuana Moment, a cannabis-news site.

Thirty-three states have legalized the medicinal use of marijuana, including seven that allow adults to purchase pot from licensed dispensaries. Marijuana is federally prohibited on account of its status as Schedule 1 drug under the U.S. Controlled Substances Act, however, accordingly making financial institutions reluctant to do business with dispensaries and other industry stakeholders.

“The SAFE Banking Act is focused solely on taking cash off the streets and making our communities safer,” Mr. Perlmutter said previously. “Only Congress can provide the certainty financial institutions need to start banking legitimate marijuana businesses — just like any other legal business — and reduce risks for employees, businesses and communities across the country.”