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Banking Access for Legal Cannabis and Hemp Businesses

This Act aims to enhance public safety by ensuring legal cannabis and hemp-related businesses have access to financial services. This will reduce the amount of cash handled by these businesses, potentially lowering crime risks. Banks and financial institutions will be able to provide services without fear of federal penalties, making it easier for these businesses to operate.
Key points
Banks and financial institutions will not be penalized for providing services to legal cannabis and hemp businesses operating under state law.
Proceeds from legitimate cannabis activities will not be considered unlawful under federal law, easing banking access for these businesses.
Guidelines for banks on reporting suspicious transactions related to cannabis businesses will be updated to ensure compliance without hindering financial services.
The Act mandates reports and studies on financial service access for minority and women-owned cannabis businesses, promoting equity.
Rules are established for federal agencies regarding bank account terminations, requiring valid reasons and prohibiting termination solely based on reputation risk, unless national security is threatened.
article Official text account_balance Process page
VOTING RESULTS
2021-04-19
76%
For 321
Against 101
Abstain 0
Full voting results open_in_new
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_1996
Sponsor: Rep. Perlmutter, Ed [D-CO-7]
Process start date: 2021-03-18
Voting date: 2021-04-19
Meeting no: 1
Voting no: 120
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Secure And Fair Enforcement Banking Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_1996.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-18.

What are the main provisions?

Key points include:

  • Banks and financial institutions will not be penalized for providing services to legal cannabis and hemp businesses operating under state law.
  • Proceeds from legitimate cannabis activities will not be considered unlawful under federal law, easing banking access for these businesses.
  • Guidelines for banks on reporting suspicious transactions related to cannabis businesses will be updated to ensure compliance without hindering financial services.
  • The Act mandates reports and studies on financial service access for minority and women-owned cannabis businesses, promoting equity.
  • Rules are established for federal agencies regarding bank account terminations, requiring valid reasons and prohibiting termination solely based on reputation risk, unless national security is threatened.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Where is the official voting record?

The official roll call vote is recorded at: voting record

Who is the primary sponsor?

The primary sponsor is Rep. Perlmutter, Ed [D-CO-7].

What is the latest detailed status?

The latest detailed status is: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 321 - 101 (Roll no. 120). (text: CR H1915-1918)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Economy Courts and Law Agriculture