Secure and Fair Enforcement Banking Act of 2019

Floor Speech

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Ms. WATERS. Mr. Speaker, I rise in support of H.R. 1595, the SAFE Banking Act, sponsored by Representatives Ed Perlmutter, Denny Heck, Steve Stivers, and Warren Davidson. Let me say to all of these individuals who have worked so long and so hard on this legislation, I am proud of the work that they have done; I am proud of the cooperation that they have demonstrated; and I am proud to be on this floor with them today.

This bipartisan bill addresses a pressing public safety issue for businesses that legally grow, market, or sell cannabis in States that have legalized its use and that are currently forced to operate with cash only. Forty-seven States, three territories, and D.C. have legalized some form of marijuana, and it is time for Congress to act.

Cannabis-related businesses are locked out of the banking system and cannot maintain checking accounts, process payroll obligations, or pay taxes. The Financial Services Committee heard testimony in February that these cash-only businesses and their employees have become targets for violent criminals.

The SAFE Banking Act addresses this serious problem by providing a safe harbor to financial institutions that choose to serve State- regulated cannabis businesses. The bill would also help others, like plumbers or electricians who provide services to cannabis businesses, who face similar challenges with access to banking services. With the passage of this bill, all of these businesses will gain access to traditional financial services that most businesses take for granted.

H.R. 1595 also promotes diversity and inclusion, with several reporting provisions to help Congress monitor that minority-owned and women-owned cannabis businesses get access to credit they need and have a fair chance to compete.

As I have said before and I say here on the floor today, this bill is but one important piece of what should be a comprehensive series of cannabis reform bills.

I have long fought for criminal justice reform and deeply understand the need to fully address the historical racial and social inequities related to the criminalization of marijuana.

I support legislation like Representatives Lee's Marijuana Justice Act and Chairman Nadler's MORE Act that would de-schedule marijuana federally and provide assistance, such as job training and reentry services, for those who have been harmed by the war on drugs.

Let me be clear. It is long overdue for Congress to address the unjust criminalization of marijuana use. So I eagerly look forward to the Judiciary Committee sending the legislation to the House floor soon.

I thank Representatives Perlmutter and Heck for their longstanding leadership on this issue for the past 6 years.

I urge all Members to vote ``yes'' on the bill and, when we get the legislation from the Judiciary Committee, to do all of those things that I have spoken about here, what is considered justice for those who have been harmed by some of the laws that cause people to be incarcerated. We eagerly look forward to that legislation. We urge the Judiciary Committee to send it to the floor so that we can support it.

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