Bill > S1200

Introduced Session

A bill to create protections for depository institutions that provide financial services to cannabis-related legitimate businesses and service providers for such businesses, and for other purposes. This bill generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate marijuana-related business. Specifically, the bill prohibits a federal banking regulator from (1) terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate marijuana-related business; (2) prohibiting or otherwise discouraging a depository institution from offering financial services to such a business; (3) recommending, incentivizing, or encouraging a depository institution not to offer financial services to an account holder solely because the account holder is affiliated with such a business; (4) taking any adverse or corrective supervisory action on a loan made to a person solely because the person either owns such a business or owns real estate or equipment leased or sold to such a business; or (5) penalizing a depository institution for engaging in a financial service for such a business. As specified by the bill, a depository institution or a Federal Reserve bank shall not, under federal law, be liable or subject to forfeiture for providing a loan or other financial services to a legitimate marijuana-related business. The Government Accountability Office must report on (1) access to financial services for minority-owned and women-owned marijuana-related businesses; and (2) the effectiveness of suspicious-transaction reports at finding engagement with organized criminal activity in jurisdictions that allow the cultivation, sale, or distribution of marijuana.

AI Summary

Committee Categories

Jeff Merkley (D)*,  Tammy Baldwin (D),  Michael Bennet (D),  Richard Blumenthal (D),  Catherine Cortez Masto (D),  Kevin Cramer (R),  Tammy Duckworth (D),  Dick Durbin (D),  Cory Gardner (R),  Kirsten Gillibrand (D),  Kamala Harris (D),  Martin Heinrich (D),  Mazie Hirono (D),  Tim Kaine (D),  Angus King (I),  Amy Klobuchar (D),  Patrick Leahy (D),  Ed Markey (D),  Bob Menendez (D),  Lisa Murkowski (R),  Chris Murphy (D),  Patty Murray (D),  Rand Paul (R),  Gary Peters (D),  Jacky Rosen (D),  Bernie Sanders (I),  Brian Schatz (D),  Kyrsten Sinema (I),  Tina Smith (D),  Dan Sullivan (R),  Jon Tester (D),  Tom Udall (D),  Mark Warner (D),  Elizabeth Warren (D),  Ron Wyden (D), 

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 04/11/2019)

Official Document