What is the official ID of this bill?

The official print number for this legislation is HR 1996.

When did the legislative process begin?

The process officially started on 2021-03-18.

Where can I read the full text of this legislation?

The full official text is available at: https://www.congress.gov/117/bills/hr1996/BILLS-117hr1996rfs.htm

Where is the official voting record?

The official roll call vote is recorded at: https://clerk.house.gov/evs/2021/roll120.xml

Is this summary verified?

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

Who is the primary sponsor?

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

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

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)

Analysis and Potential Impact of HR 1996

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

Banking Access for Legal Cannabis and Hemp Businesses

Q: 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.

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.

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76%

VOTING RESULTS

2021-04-19

For 321

Against 101

Abstain 0

Full voting results open_in_new

gavel

Status:

Expired

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Additional Information

Secure And Fair Enforcement Banking Act of 2021

Print number: 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

System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.

Summarized by: gemini-2.5-flash-preview-05-20

Source data: api.congress.gov

AI work logs for this document launch