{"id":2046264,"date":"2023-09-27T11:30:08","date_gmt":"2023-09-27T15:30:08","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/watch-live-senate-banking-committee-meets-to-discuss-safer-banking-act-2\/"},"modified":"2023-09-27T11:33:14","modified_gmt":"2023-09-27T15:33:14","slug":"watch-live-senate-banking-committee-meets-to-discuss-safer-banking-act-2","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/watch-live-senate-banking-committee-meets-to-discuss-safer-banking-act-2\/","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=\"&quot;\"><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-2%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=2046264&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 Vote \u200con SAFER Banking \u200bAct<\/h2>\n<p>The Senate Banking Committee\u2064 is set to convene at 9:30 a.m. to\u2062 discuss and pass the groundbreaking \u2063SAFER Banking Act. This act aims \u2062to revolutionize the financial regulations surrounding banks that provide services to\u200d marijuana\u2063 businesses.<\/p>\n<p>Despite the legalization of marijuana\u200d in numerous states,\u200d banks\u200c and \u200bcredit unions still face federal prosecution for their involvement\u2062 with marijuana-related\u200b enterprises. This is due to marijuana being classified as a Schedule 1 substance,\u2062 a category reserved for drugs deemed to have no accepted medical \u2062use\u200d and a high potential \u200bfor abuse, as defined\u2063 by the Drug\u2063 Enforcement Administration.<\/p>\n<p>The \u2064SAFER Banking \u200bAct, co-authored by\u200b Senators Jeff Merkley\u2064 (D-OR) and Steve\u200b Daines (R-MT), represents\u2062 a revitalized version\u200d of the Secure and Fair Enforcement Banking\u2064 Act.<\/p>\n<p>For more information\u2064 on this topic, <a href=\"https:\/\/www.washingtonexaminer.com\">click here<\/a> to visit The Washington Examiner.<\/p>\n<p> <\/p>\n<h2> What benefits would passing the SAFER\u200d Banking Act bring to both the banking industry and the marijuana industry as \u2064a whole<\/h2>\n<p><span>  \u2063 The Senate Banking Committee is scheduled to vote on the SAFER Banking Act, a groundbreaking piece\u200b of legislation that aims to transform the financial regulations surrounding \u2063banks that provide services to marijuana businesses. <\/p>\n<p>Despite the legalization of\u200c marijuana in a growing number of states, banks and credit unions continue to face the threat \u2064of \u200bfederal\u2062 prosecution for their involvement with marijuana-related enterprises. This is primarily due to the classification of marijuana as a Schedule 1 substance, which is a category reserved for drugs deemed to have no accepted medical use and a high potential for abuse, \u2063as defined by\u2063 the Drug Enforcement Administration.<\/p>\n<p>The SAFER Banking Act, which\u2063 has been co-authored by Senators Jeff Merkley (D-OR) and Steve Daines (R-MT), represents\u2063 a refreshed version\u200c of the previous \u200bSecure and Fair Enforcement Banking\u2064 Act. The act addresses \u200cthe inherent challenges \u200bfaced\u200c by financial institutions, such as the need to ensure compliance\u2062 with federal \u200bregulations while providing much-needed banking services to \u200c<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-passes-cannabis-banking-bill-with-bipartisan-support\/\" title=\"House passes cannabis banking bill with bipartisan support\">legal marijuana businesses<\/a>.<\/p>\n<p>By passing \u2064the SAFER Banking Act, the Senate Banking Committee has the opportunity to bring about significant\u200c changes in the banking industry&#8217;s relationship with the \u200cmarijuana\u2064 industry. The act aims\u2062 to \u200dprovide clarity and legal protection to financial \u2064institutions, allowing them \u200dto confidently serve marijuana\u2062 businesses without fear\u200c of federal prosecution.<\/p>\n<p>In addition to \u200boffering relief for banks and credit unions, the\u200d SAFER Banking \u2062Act can also have positive implications for the marijuana industry as a whole. By enabling \u2062legal marijuana businesses to access vital banking services, such as\u2063 loans, lines of credit, and merchant accounts,\u200d the act can help <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-begins-debate-on-bidens-2-4-trillion-spending-package-without-knowing-how-its-going-to-be-fully-paid-for\/\" title=\"House Begins Debate On Biden\u2019s .4 Trillion Spending Package Without Knowing How It\u2019s Going To Be Fully Paid For\">stimulate economic growth<\/a>, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gop-rep-introduces-painter-act-for-transparency-on-hunter-bidens-art-finances\/\" title=\"GOP Rep Introduces \u2018PAINTER Act\u2019 For Transparency On Hunter Biden\u2019s Art Finances\">promote financial transparency<\/a>, and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-associate-attorney-common-nominee-really-wants-to-eliminate-school-cops\/\" title=\"Biden Associate Attorney Common Nominee REALLY WANTS TO Eliminate School COPS\">enhance public safety<\/a>.<\/p>\n<p>This vote in the \u2063Senate Banking Committee is a crucial step towards \u2063bringing fairness and consistency\u200d to the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/watch-live-senate-banking-committee-meets-to-discuss-safer-banking-act-2\/\" title=\"LIVE: Senate Banking Committee convenes to debate SAFER Banking Act.\">financial regulations surrounding marijuana businesses<\/a>. It represents an acknowledgment of the evolving landscape\u200d of marijuana laws in the United States and \u200bthe need\u2063 to adapt federal regulations\u200d accordingly.<\/p>\n<p>To stay updated on this topic and learn more about the SAFER Banking Act, visit The\u200b Washington Examiner&#8217;s website\u2062 for detailed coverage and \u200danalysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Senate Banking Committee convenes at 9:30 a.m. to approve the SAFER Banking Act. This act alters financial rules for banks serving marijuana enterprises. Despite marijuana&#8217;s legality in several states, federal regulations continue to penalize banks and credit unions involved with such businesses. This is due to marijuana&#8217;s Schedule classification.<\/p>\n","protected":false},"author":1,"featured_media":2046265,"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-2046264","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\/2046264","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=2046264"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2046264\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2046265"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2046264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2046264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2046264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}