Washington senator pushing for SAFE Banking Act to help stop violent pot shop robberies

TUKWILA, Wash. – “It makes no sense.”

Washington state Senator Patty Murray held a Wednesday morning press conference in Tukwila in support for the Secure and Fair Enforcement (SAFE) Banking Act.

The act would enable pot shops throughout the country, in states where marijuana is legal, to work with banks.

Most stores are cash-only because of current federal regulations.

Sen. Murray is a conference committee member, which is negotiating the differences between a Senate-passed United States Innovation and Competition Act (USICA) and a House-passed bill called America Creating Opportunities for Manufacturing, Pre-Eminence in Technology, and Economic Strength (COMPETES) Act.

The SAFE Banking Act was in the COMPETES Act, but not in USICA.

Murray said she is working to ensure the final bill negotiated will include SAFE.

“It makes absolutely no sense that legal cannabis businesses are being forced to operate entirely in cash. It’s dangerous—and sometimes even fatal—for the employees behind the register, but this situation is also completely preventable,” Senator Murray said. “I’ve been pushing the federal government—particularly my Republican colleagues—to catch up with Washington state. I am working to update our laws so that these legal small businesses have a safe way to do business. I am urging every one of my colleagues to come together so that we can finally pass the SAFE Banking Act.”

Murray said there has been a good amount of bipartisan work done in recent months and thinks they can have a bill on President Joe Biden’s desk by the end of 2022.

The SAFE Banking Act would help with safety in pot shops, a huge focal point as armed robberies continue to surge throughout Washington state.

SAFE would prevent federal banking regulators from prohibiting, penalizing or discouraging a bank from working with a state-sanctioned and regulated cannabis business. This would also protect banks working with others, such as a lawyer or landlord servicing a marijuana business.

It would also limit a bank’s federal deposit insurance because it works with a cannabis business. Federal regulators also would not be allowed to incentivize or discourage a bank from working with cannabis businesses.

Finally, SAFE would keep a bank from taking action on a loan to an owner or operator of a cannabis business.

The bill also provides protections for hemp and hemp-derived CBD-related businesses.