Secure and Fair Enforcement Banking Act of 2021

Floor Speech

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Ms. VELAZQUEZ. Mr. Speaker, I am a proud original cosponsor of H.R. 1996, the SAFE Banking Act, and I rise in strong support.

I would also like to take this opportunity to recognize the gentleman from Colorado (Mr. Perlmutter) for his extraordinary leadership on this legislation.

When the pandemic first hit and stay-at-home orders went into place, many small cannabis businesses were deemed essential. Yet, just as States recognized these businesses as critical, Federal law still fails to provide them the same access to key financial services, like banking and insurance.

H.R. 1996, the SAFE Banking Act, will address this problem, enabling them to grow and hire more workers. Failing to allow cannabis businesses to utilize financial products and services not only creates artificial barriers for these small businesses, it is also an issue of public safety, as these high-volume cash businesses are frequently the target of robberies and break-ins.

That is why the SAFE Banking Act is so important and why, as chair of the House Small Business Committee and senior member of the Financial Services Committee, I am proud to stand by it since its first introduction.

I thank Mr. Perlmutter for his leadership. Let's pass this legislation once and for all.

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