September 25, 2019 - Issue: Vol. 165, No. 155 — Daily Edition116th Congress (2019 - 2020) - 1st Session

[Page H7911]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1030
        LEGALIZE BANKS WORKING WITH CANNABIS-RELATED BUSINESSES

  The SPEAKER pro tempore. The Chair recognizes the gentlewoman from 
Oklahoma (Ms. Kendra S. Horn) for 5 minutes.
  Ms. KENDRA S. HORN of Oklahoma. Madam Speaker, I rise today to talk 
about H.R. 1595, the SAFE Banking Act. Later today, we will consider 
this important piece of right-sized, pragmatic legislation that tackles 
problems facing our communities.
  H.R. 1595, the SAFE Banking Act, is a bipartisan bill that confronts 
a problem that has arisen from the conflict between State and Federal 
law and is currently endangering communities, as well as inhibiting 
small businesses from growing.
  Currently, 33 States, including my home State of Oklahoma, have 
passed some form of legalized cannabis. However, due to the schedule I 
status in Federal law, it is illegal for banks across this country to 
work with cannabis and cannabis-related businesses, even in States 
where it has been legalized.
  This prevents businesses from using banks to deposit their revenue, 
pay their bills, finance capital improvement projects, and makes it 
challenging for them to file their taxes.
  This has also created a serious safety hazard for cannabis and 
cannabis-related businesses by forcing them to hold on to large amounts 
of cash on their premises and increases the likelihood of tax evasion, 
which has been historically prevalent among cash-only businesses.
  The SAFE Banking Act resolves these issues by creating a legal 
pathway for banks to serve cannabis and cannabis-related businesses 
without fear of Federal sanctions.
  Importantly, this bill defends States' rights by allowing banks in 
States where cannabis is legal to serve these businesses, but does not 
force banks to serve them and does not force it in States where it is 
illegal.
  Last year, Oklahoma legalized medical cannabis, and, since then, 
Oklahoma's industry has become one of the fastest growing in the 
Nation. Just this past April, Oklahomans spent more than $18 million on 
medical cannabis, and the Oklahoma Medical Marijuana Authority has 
licensed 1,400 dispensaries and 2,700 commercial growers in the State.
  This industry is bringing revenue to our State, creating small 
businesses, and helping those who suffer with physical illness to 
relieve their ailments. The SAFE Banking Act supports this growing 
Oklahoma industry, our banks, and works to keep Oklahomans that work in 
and around this industry safe.
  Madam Speaker, I encourage my colleagues to support this pragmatic 
legislation that makes our community safer, protects States' rights, 
supports small businesses, and grows our economy.

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