Secure and Fair Enforcement Banking Act of 2019
Floor Speech
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Ms. LEE of California. First of all, Madam Speaker, let me thank Congressman Perlmutter for yielding and also for his tireless leadership. This has taken a heck of a long time. The gentleman has stayed with it. He has been persistent, and I stand here and salute his efforts.
I also want to thank Chairwoman Waters for moving this bill out of the Financial Services Committee and for her support for our Marijuana Justice Act. I want to thank Congressman Heck for his clarity as to why this bill is necessary and for his support. And then, of course, my partner and friend, who has been on this issue so many years as co-chair of the bipartisan Congressional Cannabis Caucus in which I also serve as co-chair, Congressman Earl Blumenauer. I salute and thank everyone for getting us to this point.
The SAFE Banking Act would explicitly permit banks and other financial institutions to work directly with State legal cannabis businesses--legal cannabis businesses--instead of relying on cash transactions. This bill is not only timely but extremely necessary. Right now the cannabis industry needs access to safe and effective banking immediately.
Now, let me be clear. Federal law severely limits access to loans and capital for the cannabis business, especially, mind you, for those who have cannabis-related arrests and convictions on their record. That means that less than one-fifth of the cannabis industry is owned or operated by people of color, even though African Americans have been shown to use cannabis at the same rate as White Americans, yet are incarcerated at about 80 percent more in terms of incarceration rates. This is just plain wrong. So this bill is a great first start to addressing all of these issues.
I am telling you, Madam Speaker, communities of color should equally benefit from all of the laws that have been passed at the State level. They should have the opportunity to generate generational wealth for their families, too.
That is why, in addition to this bill, the House must bring forward legislation like my Marijuana Justice Act and the MORE Act, which addresses criminal justice reform, restorative justice, and fully reinvests in communities of color impacted by the failed and racist war on drugs.
Madam Speaker, I want to thank Mr. Perlmutter, again, for his leadership and for working with us to get this to the floor.
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