The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“LETTERS OF ENDORSEMENT FOR H.R. 1595, THE SAFE BANKING ACT” mentioning the U.S. Dept. of Commerce was published in the Extensions of Remarks section on pages E1262-E1263 on Oct. 8, 2019.
The Department includes the Census Bureau, which is used to determine many factors about American life. Downsizing the Federal Government, a project aimed at lowering taxes and boosting federal efficiency, said the Department is involved in misguided foreign trade policies and is home to many unneeded programs.
The publication is reproduced in full below:
LETTERS OF ENDORSEMENT FOR H.R. 1595, THE SAFE BANKING ACT
_____
HON. DENNY HECK
of washington
in the house of representatives
Tuesday, October 8, 2019
Mr. HECK. Madam Speaker, I include in the Record the following letters of endorsement for H.R. 1595, the SAFE Banking Act, which passed the House on September 25, 2019.
Commonwealth of Pennsylvania, Department of Banking and
Securities,
Harrisburg, PA, September 24, 2019.Hon. Nancy Pelosi,Speaker, House of Representatives,Washington, DC.Hon. Kevin McCarthy,Republican Leader, House of Representatives,Washington, DC.
Dear Speaker Pelosi and Leader McCarthy: As state banking supervisors, we are responsible for ensuring the safety and soundness of state-chartered banks and credit unions, as well as the regulation of non-depository financial service providers that may provide services to these entities. The financial services industry in state authorized marijuana jurisdictions is unable to effectively service the needs of this new and growing industry because of conflicting federal and state regulation for marijuana.
Medical marijuana is available to 67 percent of the country's population, and 11 states have legalized adult recreational use. This significant portion of the country's population is funding a growing cannabis industry. The lack of federal safe harbors or authorization for financial service providers is creating commercial risk for the legitimate marijuana industry, due to the lack of financial servicing of these monies.
This absence of servicing encourages a grey economy, as the industry's participants are unable to use safe, regulated, and verifiable money services. Until financial institutions can serve the industry without violating federal laws, then tax collection, consumers, and the financial system will remain at risk.
Until Congress can take broader action to more comprehensively address cannabis, we support the passage of H.R. 1595 to provide a safe harbor for depository institutions that supply financial services to legitimate marijuana businesses and allow for the transparent and safe banking of the marijuana industry.
We urge a YES vote on H.R. 1595.
Robin L. Wiessmann, Secretary, Pennsylvania Department of Banking and Securities; Candace Frank, Bank Commissioner, Arkansas State Bank Department; Kenneth Boldt, Bank Commissioner, Colorado Division of Banking; Kevin B. Hagler, Commissioner, Georgia Department of Banking and Finance; Iris Ikeda, Commissioner of Financial Institutions, Hawaii Department of Commerce and Consumer Affairs; Deborah Hagan, Secretary, Illinois Department of Financial and Professional Regulation; Anita G. Fox, Director, Michigan Department of Insurance and Financial Services; John Ducrest, Commissioner, Louisiana Office of Financial Institutions; Lloyd P. LaFountain III, Superintendent, Maine Bureau of Financial Institutions; Mary Gallagher, Commissioner, Massachusetts Division of Banks; Melanie Hall, Commissioner, Montana Division of Banking and Financial Institutions; Christopher Moya, Director, New Mexico Financial Institutions Division; Lise Kruse, Commissioner, North Dakota Department of Financial Institutions; Elizabeth K. Dwyer, Superintendent of Financial Services, Rhode Island Department of Business Regulation; Charles Clark, Director, Washington Department of Financial Institutions; Dawn E. Holstein, Commissioner, West Virginia Division of Financial Institutions; Kathy Blumenfeld, Secretary-designee, Wisconsin Department of Financial Institutions.
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June 13, 2019.Hon. Mitch McConnell,Majority Leader,Washington, DC.Hon. Nancy Pelosi,Speaker of the House,Washington, DC.Hon. Mike Crapo,Chair, Senate Committee on Banking,Housing and Urban Affairs, Washington, DC.Hon. Maxine Waters,Chair, House Committee on Financial Services,Washington, DC.Hon. Charles E. Schumer,Minority Leader,Washington, DC.Hon. Kevin McCarthy,Minority Leader,Washington, DC.Hon. Sherrod Brown,Ranking Member, Senate Committee on Banking, Housing and
Urban Affairs, Washington, DC.Hon. Patrick McHenry,Ranking Member, House Committee on Financial Services,
Washington, DC.
Dear Congressional Leaders: As our States' chief executives, we urge Congress to pass legislation allowing states with legalized medical or adult-use cannabis to operate safely and under the scrutiny of the national banking system. We strongly support the passage of the Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595) and (S. 1200) or similar legislation that would remove the legal uncertainty for banks and credit unions, reducing their risk, enhancing public safety, and increasing financial transparency.
We were pleased that the House Financial Services Committee held a subcommittee hearing on cannabis and financial services on February 13, and we were especially encouraged to see that H.R. 1595 passed the full committee on a strong bipartisan basis on March 28. We urge the full House to pass this legislation to help provide banking services to state-licensed cannabis businesses.
State and federal governments have a shared interest in upholding the rule of law, protecting public safety, and transitioning markets out of the shadows and into our transparent and regulated banking system. Without access to banking services, state-licensed cannabis businesses operate predominantly on a cash basis. This poses a significant public safety risk to customers and employees. Additionally, because banking services are barred, these businesses are unable to write checks, make and receive electronic payments, utilize a payroll provider, or accept credit and debit cards. The cash-only environment puts an additional burden on state and local government agencies that must collect tax and fee payments, in person and in cash, incurring additional public expenses and employee safety risks.
Currently, thirty-four U.S. states, three U.S. territories, and the District of Columbia have legalized the medical use of cannabis. Additionally, ten states and the District of Columbia have legalized recreational use by adults over 21 years of age. Despite legalization of cannabis at the state-level--in many cases to provide medical treatment--our financial institutions face enormous barriers, legal risks, and criminal and civil liability under the Controlled Substances Act that prevent them from providing banking services to state-licensed businesses. As a result, very few banks and credit unions will provide these services, leaving many businesses in this sector unbanked.
Many of our states have implemented laws and regulations that ensure accountability of the cannabis industry. However, without banking services, cannabis businesses are less able to obey the law, pay taxes, and follow these important regulations. The public safety risks posed by these cash-only businesses can be mitigated through access to banking service providers.
To adequately address these issues, we urge Congress to pass legislation, such as the SAFE Banking Act (H.R. 1595) and (S. 1200), that would provide a safe harbor for depository institutions that provide a financial product or service to a cannabis business in states that have legalized it. We look forward to working with you as legislation progresses to address this urgent public policy concern.
Sincerely,
Philip D. Murphy, Governor, New Jersey; Jay Inslee,
Governor, Washington; Tony Evers, Governor, Wisconsin;
Larry Hogan, Governor, Maryland; Jim Justice, Governor,
West Virginia; Gary Herbert, Governor, Utah; Michelle
Lujan Grisham, Governor, New Mexico; Ralph S. Northam,
Governor, Virginia; Tim Walz, Governor, Minnesota; JB
Pritzker, Governor, Illinois; Steve Sisolak, Governor,
Nevada; Ned Lamont, Governor, Connecticut; Leon
Guerrero, Governor, Guam; Doug Burgum, Governor, North
Dakota; Jared Polis, Governor, Colorado; Kate Brown,
Governor, Oregon; Janet Mills, Governor, Maine; Tom
Wolf, Governor, Pennsylvania; Albert Bryan Jr.,
Governor, Virgin Islands; Gretchen Whitmer, Governor,
Michigan.
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Global Alliance for
Cannabis Commerce,
Costa Mesa, CA.
GACC Statement on the SAFE Banking Act
The Global Alliance for Cannabis Commerce (GACC) announces its endorsement of the Secure and Fair Enforcement (SAFE) Banking Act.
The SAFE Banking Act is sponsored by Representatives Ed Perlmutter (D-CO), Denny Heck (D-WA), Steve Stivers (R-OH), Warren Davidson (R-OH), and over 200 other members of the U.S. House of Representatives, and Senators Jeff Merkley (D-OR), Cory Gardner (R-CO), and nearly thirty other members of the U.S. Senate.
Cannabis banking issues have long been both a significant hamper on industry growth vis-a-vis access to capital and a public safety risk--including the risk of kidnap, torture, and mutilation for the purposes of extortion--by compelling a cash-laden industry.
But beyond the well-documented industry issues cannabis entrepreneurs and small businesses encounter, the lack of banking access puts a significant onus on the 200,000-plus employees of U.S. cannabis businesses. Cannabis businesses have extreme logistical difficulty providing benefits to employees, providing a payroll system, and applying withholdings. Oftentimes, GACC member-business employees are forced to live cash lifestyles without access to proper retirement or healthcare savings. We urge the swift passage of this act.
``The questions lawmakers have to grapple with in legalizing cannabis are serious. The job of the federal government now is not to upset the existing multi-billion dollar U.S. cannabis market and to allow state markets to flourish through wise use of its commerce powers.''--GACC CFO Will Senn (Founder of Urbn Leaf)
Contact: Randal John Meyer, Executive Director, Global Alliance for Cannabis Commerce,
[email protected] Commerce.Org.
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