Federal legislation advancing through Congress this session could lead to more banks serving marijuana-related businesses in the U.S. and Michigan.
The Secure and Fair Enforcement (SAFE) Banking Act passed the U.S. House in April on a bipartisan 321-101 vote. The bill sits in an evenly divided Senate now under the slim control of Democrats who need to decide whether to push forward with the bill, pursue outright marijuana legalization or couple the issue with broader criminal justice reform.
Mike Tierney, president and CEO of the Community Bankers of Michigan, remains “very optimistic” the SAFE Banking Act can gain enough support to pass the Senate with the 60 votes needed to prevent a filibuster.
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