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Lawmakers voted 321-101 to approve the bill and send it to the
Senate.
The bill clarifies that proceeds from legitimate cannabis
businesses would not be considered illegal and directs federal
regulators to craft rules for how they would supervise such
banking activity.
Banks have generally been unwilling to do business with
companies that sell marijuana or related products, fearing they
could run afoul of federal laws.
That has left companies in the marijuana industry with few
options, including relying on just a handful of small financial
institutions or doing business in cash.
The American Bankers Association has lobbied aggressively for
the "SAFE Banking Act" bill.
"Banks find themselves in a difficult situation due to the
conflict between state and federal law, with local communities
encouraging them to bank cannabis businesses and federal law
prohibiting it," the group wrote in a letter to lawmakers on
Monday. "Congress must act to resolve this conflict."
Thirty-six states have legalized medical cannabis while 17
states now allow adult use, according to the National Conference
of State Legislatures.
Senate Majority Leader Chuck Schumer, in an early-April
interview with Politico, said he would try to advance
legislation legalizing marijuana use for adults. Asked about the
SAFE Banking Act, he said he would like to see such a bill move
forward as part of a more comprehensive measure - even if
President Joe Biden was not supportive.
(Reporting by Arathy S Nair in Bengaluru; Editing by Stephen
Coates)
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