{"id":2046141,"date":"2023-09-27T09:58:05","date_gmt":"2023-09-27T13:58:05","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/watch-live-senate-banking-committee-meets-to-discuss-safer-banking-act\/"},"modified":"2023-09-27T10:02:36","modified_gmt":"2023-09-27T14:02:36","slug":"watch-live-senate-banking-committee-meets-to-discuss-safer-banking-act","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/watch-live-senate-banking-committee-meets-to-discuss-safer-banking-act\/","title":{"rendered":"LIVE: Senate Banking Committee convenes to debate Safer Banking Act."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwatch-live-senate-banking-committee-meets-to-discuss-safer-banking-act%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2046141&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The Senate Banking Committee to Pass Safer Banking Act<\/h2>\n<p>The Senate Banking Committee is set to convene at 9:30 a.m. to discuss and\u2062 pass the groundbreaking Safer Banking Act. This act aims to revolutionize\u2063 the financial \u2064regulations surrounding banks that provide services to marijuana businesses.<\/p>\n<p>Despite the legalization of weed in\u200b numerous states, banks and credit unions still face prosecution under federal regulations when dealing with marijuana-related enterprises. This is due to\u2064 marijuana&#8217;s classification as a\u2064 Schedule 1 substance, which the Drug \u200cEnforcement Administration defines as drugs with \u2064no accepted medical\u200c use and a high potential for abuse.<\/p>\n<p>The Safer Banking Act, co-authored by \u200cSenators\u2064 Jeff Merkley (D-OR) and Steve Daines (R-MT), represents a revamped version of the Secure and Fair Enforcement Banking Act. \u2062It seeks\u200c to address the challenges faced by financial institutions \u2062in\u2064 serving the marijuana industry.<\/p>\n<p>For more information \u2062on this \u2063topic, <a href=\"https:\/\/www.washingtonexaminer.com\">click \u2063here<\/a> to visit \u2062The \u2064Washington Examiner.<\/p>\n<p> <\/p>\n<h2> Why \u2064do banks and\u2064 credit unions still face prosecution\u200c when dealing with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sen-cotton-calls-on-senators-to-filibuster-ndaa-until-media-cartel-plan-removed\/\" title=\"Sen. Cotton Calls on Senators to Filibuster NDAA Until Media \"Cartel Plan\" Removed\">marijuana-related businesses<\/a>, despite\u200b the legalization of weed\u2064 in many states?<\/h2>\n<p><span>  \u2064The Senate Banking Committee is scheduled to convene at 9:30 a.m. to discuss and pass the groundbreaking Safer Banking Act. \u2063This act aims to revolutionize the financial regulations \u2063surrounding banks that provide services to \u2064marijuana businesses.<\/p>\n<p>Despite the legalization of weed\u200d in numerous states, banks and\u2064 credit\u200d unions still face prosecution\u200c under federal \u200bregulations when dealing with marijuana-related enterprises. This \u200cis due to marijuana&#8217;s classification as a Schedule \u200c1 \u200csubstance, which \u2063the Drug\u200b Enforcement Administration defines as drugs with no accepted medical use and a high \u200dpotential for abuse.<\/p>\n<p>The Safer \u2062Banking \u2063Act, \u2063co-authored by Senators Jeff\u2064 Merkley \u2063(D-OR) and Steve Daines (R-MT), represents a revamped version of the Secure and Fair Enforcement\u2063 Banking \u2062Act.\u200d It seeks to address the challenges faced \u200dby financial institutions \u2064in serving the\u2063 marijuana industry.<\/p>\n<p>The current\u200c regulations create\u2064 a significant problem for marijuana businesses, as they\u200d are forced to operate on a\u2062 cash-only basis. \u200dThis not \u2064only makes them vulnerable to theft and crime but also complicates their \u2064ability to access basic financial services such as loans and merchant accounts. Additionally, it increases the risk \u2064of tax evasion and money \u2064laundering.<\/p>\n<p>The Safer \u2064Banking Act aims to address\u200b these issues\u200b by allowing banks and credit unions to\u2064 serve marijuana-related businesses without fear of \u200dfederal prosecution. \u200cIt would provide a safe and\u200b regulated banking environment\u2064 for these businesses, reducing their\u2062 reliance on cash transactions and improving their overall security.<\/p>\n<p>Furthermore, the act proposes to protect employees of\u2063 marijuana businesses by \u200cpreventing them from\u2064 being discriminated against by financial institutions. Currently,\u2064 many employees\u200b in this industry face difficulties in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/watch-live-senate-banking-committee-meets-to-discuss-safer-banking-act\/\" title=\"LIVE: Senate Banking Committee convenes to debate Safer Banking Act.\">opening personal bank accounts<\/a> or obtaining mortgages due to their association \u200dwith marijuana businesses. The Safer Banking\u200b Act seeks to \u2062eliminate such\u200d discriminatory practices.<\/p>\n<p>This initiative \u200chas <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pressure-grows-on-biden-to-act-on-crisis-in-tibet\/\" title=\"Pressure Grows on Biden to Act on Crisis in Tibet\">gained bipartisan support<\/a>, with\u200c lawmakers recognizing the urgent need to provide a safer banking environment for the marijuana industry. By allowing marijuana businesses to access traditional banking services,\u200c the act would promote transparency, accountability, and compliance with\u200c tax regulations.<\/p>\n<p>The passage of \u2062the Safer Banking Act would \u200crepresent a\u2063 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrat-controlled-house-passes-1-9-trillion-stimulus-bill-two-dems-vote-against-it\/\" title=\"Democrat-Controlled House Passes .9 Trillion Stimulus Bill; Two Dems Vote Against It\">significant step forward<\/a> in modernizing financial regulations \u200crelated to marijuana. It would \u2064align federal laws with the evolving norms and\u200c regulations of individual \u200dstates, where \u2064marijuana has been legalized for medical or recreational use.<\/p>\n<p>As\u2064 the Senate Banking Committee convenes to discuss and pass \u2064the Safer Banking Act, it\u200d is crucial to recognize the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/seniors-told-to-brace-for-far-lower-social-security-payment-boost-in-2024\/\" title=\"Seniors warned of reduced Social Security boost in 2024.\">financial challenges\u2063 faced<\/a> by\u2062 marijuana businesses and the\u200b need to provide \u2063them with a safer and more\u200d inclusive banking environment. By passing this act, the committee \u200bwould contribute to the growth \u2064and legitimacy of the marijuana industry while ensuring compliance with\u200b federal regulations.<\/p>\n<p>For more information\u2063 on this topic, please visit The \u200bWashington Examiner.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Senate Banking Committee convenes at 9:30 a.m. to approve the Safer Banking Act, altering financial rules for banks serving cannabis enterprises. Despite marijuana&#8217;s legality in several states, federal regulations continue to penalize banks and credit unions involved with such businesses due to its classification.<\/p>\n","protected":false},"author":1,"featured_media":2046142,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2046141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2046141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2046141"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2046141\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2046142"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2046141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2046141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2046141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}