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house Bill H.R. 1996

Should the Feds Allow Legal Marijuana Businesses to Access Banks?

Argument in favor

The federal prohibition on state-licensed cannabis businesses accessing the traditional banking system has forced the industry to be largely cash-based. Aside from being inconvenient, this also makes cannabis businesses and their employees targets, sometimes with tragic results. makes cannabis businesses more difficult to audit. Giving cannabis businesses access to traditional banks would be beneficial to business operators, their employees and customers, in addition to the financial services institutions that would serve them.

jimK's Opinion
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04/19/2021
Any business that is legally licensed to operate and involves handling money securely should have access to the same legitimate banking services. Arguments against allowing commercial bank services for regulated and legally licensed business is an argument that the business in question is not entitled to the same services afforded any other regulated and licensed business - even if that business involves marijuana trade. I consider the arguments against allowing commercial interstate banking services for the emerging marijuana business to be fundamentally flawed simply for this reason alone.
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Brian's Opinion
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04/19/2021
In states/territories where marijuana has been legalized, then businesses should be allowed to use banks to save their monies. Refusing the ability to use banks marginalizes these businesses and increases the likelihood of criminal abuse of funds. I don't yet support federal de-criminalization of marijuana for all uses, but I do think if the state has legalized it then it should be legal for banks to work with this industry.
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larubia's Opinion
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04/18/2021
Yes, dispensaries & entities that sell marijuana should have access to banking. Dealing only in cash poses safety risks.
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Argument opposed

The federal government shouldn’t lift the ban on cannabis businesses accessing the banking system until federal marijuana laws are reformed more broadly to account for legalization by states, and Congress shouldn’t pass this legislation because it’s a backdoor to marijuana legalization that would allow Wall Street to throw its financial weight behind marijuana legalization. Alternatively, this bill is unnecessary because hundreds of banks and credit unions are already doing business with marijuana-related businesses.

B.R.'s Opinion
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04/19/2021
This bill is premature. The first step should be the legalization at the Federal level. While I understand the arguments to allow access to banking, eg: security, cash business, etc. it does not negate the fact that banking is regulated by the Fed and, at present, it is still illegal at the Fed level, thereby, a conflict. For the record: I do not support legalization of marijuana except for medicinal purposes.
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Brenda's Opinion
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04/19/2021
I am even opposed to legalizing marijuana. We have enough problems in the Black Community with quality of life issues, and we don’t need this complicating matters further.
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Carina's Opinion
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04/19/2021
Reading the details of this legislation and details under both yes and no appear to reflect that businesses are already having access to banking. I support medical marijuana if an individual is prescribed and followed closely by their doctor. I think medical marijuana should be listed as a controlled substance like OxyContin and Oxycodone and other controlled substances. I do not support recreational marijuana as many have indicated it could lead to stronger drug abuse. Unfortunately, there are too many people who do not practice the ability to discipline or control themselves in many or any aspect of their life and some become a burden to society. All people must learn to be responsible for themselves and their family and teach their children to become responsible adults who are not dependent on others or government. Also, there is some nerve by legislators to push for this when they should be addressing the problem with banks canceling individuals for their political views whether is former President Trump or anyone who is a conservative. THIS SHOULD BE THE ISSUE THAT SHOULD BE ADDRESSED instead of whether businesses selling marijuana is acceptable!!
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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed April 19th, 2021
    Roll Call Vote 321 Yea / 101 Nay
      house Committees
      Committee on Financial Services
    IntroducedMarch 18th, 2021

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Bill Activity

  • IntroReferral
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • Floor
    Considered as unfinished business.
  • Floor
    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
  • Floor
    DEBATE - The House proceeded with forty minutes of debate on H.R. 1996.
  • Floor
    Considered under suspension of the rules.
  • Floor
    Mr. Perlmutter moved to suspend the rules and pass the bill, as amended.
  • Floor
    On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 321 - 101 (Roll no. 120). (text: CR H1915-1918)
  • Floor
    Considered as unfinished business. (consideration: CR H1942-1943)
  • Floor
    Considered under suspension of the rules. (consideration: CR H1915-1924)
  • Floor
    Motion to reconsider laid on the table Agreed to without objection.
  • Floor
    On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 321 - 101 (Roll no. 120).
  • IntroReferral
    Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed April 19th, 2021
    Roll Call Vote 321 Yea / 101 Nay
      house Committees
      Committee on Financial Services
    IntroducedMarch 18th, 2021

Log in or create an account to see how your Reps voted!
    Any business that is legally licensed to operate and involves handling money securely should have access to the same legitimate banking services. Arguments against allowing commercial bank services for regulated and legally licensed business is an argument that the business in question is not entitled to the same services afforded any other regulated and licensed business - even if that business involves marijuana trade. I consider the arguments against allowing commercial interstate banking services for the emerging marijuana business to be fundamentally flawed simply for this reason alone.
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    This bill is premature. The first step should be the legalization at the Federal level. While I understand the arguments to allow access to banking, eg: security, cash business, etc. it does not negate the fact that banking is regulated by the Fed and, at present, it is still illegal at the Fed level, thereby, a conflict. For the record: I do not support legalization of marijuana except for medicinal purposes.
    Like (17)
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    In states/territories where marijuana has been legalized, then businesses should be allowed to use banks to save their monies. Refusing the ability to use banks marginalizes these businesses and increases the likelihood of criminal abuse of funds. I don't yet support federal de-criminalization of marijuana for all uses, but I do think if the state has legalized it then it should be legal for banks to work with this industry.
    Like (44)
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    Yes, dispensaries & entities that sell marijuana should have access to banking. Dealing only in cash poses safety risks.
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    Just legalize it at the federal level and stop all this nonsense. Our entire country and it's citizens will benefit if our lawmakers would just do it.
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    Legalize it at the federal level and expunge records.
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    Marijuana should have been legal decades ago. Now that states are legitimatizing CBD the industry has to come out of the dark. Banks should be able to have CBD clients. It is dangerous as it is right now. Cash and carry puts dispensaries at risk as well as the carriers. It has to be closely regulated so big business doesn’t infiltrate with corruption As soon as marijuana trended legal Boehner was one of the first to invest.. marijuana has also been used as a form of racism as has private jails. Systematic and structural racism is ingrained in our governing processes and has to be stopped. Both parties have been complicit but none so completely and cruelly as the GQP.
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    They are like any other business and should not be deprived access to financing for legal enterprise.
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    If it’s legal business of course they should.
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    What the Heck? Corporate America gets citizen status so it can donate as much dark money and otherwise as it wants, but Alexandra Ocasio-Cortez can’t, according to the Republican party? If Corporate America has free speech rights that mean it can donate wherever it wants, why doesn’t she, a living, breathing human being? On what grounds should her campaign donations be returned? Whose donations must next be refused, according to the Republicans? Black Americans’? Non-Christians’? This is a disgusting, cynical, two-pronged attack on the Democratic Party’s ability to raise campaign funds and on AOC personally, in my opinion. How about we require the Republican Party and its candidates to return donations by polluting corporations or violate federal or state regulations or members of banking and Wall Street who participated in the activities that caused the Great Recession in 2008? “House Republicans' campaign arm on Monday launched a website calling on a number of vulnerable House Democrats to return campaign donations from progressive Rep. Alexandria Ocasio-Cortez (D-N.Y.). The website, dubbed "Socialist Give Back," comes after Politico reported last week that Ocasio-Cortez donated $5,000 to a number of House Democrats. The National Republican Congressional Committee highlighted the Democrats who have returned the donations, including Rep. Chris Pappas (D). Ocasio-Cortez's Courage to Change PAC donated to the New Hampshire Democrat on March 29, but Pappas's campaign returned the funds, citing a clerical error. Other House Democrats who returned the campaign cash include Reps. Conor Lamb (D-Penn.), Elissa Slotkin (D-Mich.), Carolyn Bourdeaux (D-Ga.), and Ron Kind (D-Wis.). Democratic Congressional Campaign Committee spokesman Chris Hayden told Politico last month that the campaign arm was appreciative of Ocasio-Cortez's efforts, adding "due to a miscommunication, some transfers were made in error, but that has been addressed." Ocasio-Cortez has become the face of progressive Democrats and a fierce critic of Republicans. She has also sparred a number of times with more moderate Democrats. The development comes less than a week after the Federal Election Commission's first-quarter deadlines, which saw record fundraising numbers from House Democrats and Republicans.” https://thehill.com/homenews/campaign/548959-house-republicans-pressuring-democrats-to-return-donations-from-ocasio
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    Yes, for God’s sake, it’s being sold legally. The argument that it can be used to “launder” drug money is irrelevant. Money is currently being laundered in a variety of schemes.
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    Legalize and expunge all records for non violent offenders.
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    I Support the SAFE Banking Act of 2021. Of course, it would be best if we had universal bi-partisan support of the legalization of marijuana and all that entails, including access to the full range of business financial services, but like too many things, getting there is a hard road to follow. Recall the years of people generating misinformation and fear about the use of marijuana. That nonsense lives on as the "Spirit of Drunkeness" and "Communing with Evil Spirit" in some Conservation Christian Communities and as similar forms of misinformation in other conservative faith-based communities. These communities at heart do not believe in the US Constitution: They believe in and are pretty insistent in imposing _their_ views on others. Perhaps worse, there are concerted, non-trivial group efforts opposing marijuana, including: Abbott Laboratories. American Anti Drug Council. American Legislative Exchange Council. American Society of Addiction Medicine. Blue Lives Matter. Corrections Corporation of America. Drug Abuse Resistance Education. Drug-Free America Foundation. Purdue Pharma Roman Catholic Archdiocese of Boston, To list a few, then There are several political and government agencies still opposing the legalization of pot. See List of Anti-Cannabis Organizations https://en.wikipedia.org/wiki/List_of_anti-cannabis_organizations? We also should look into the likely disguised schemes being plotted to corporatize the marijuana industry. The SAFE Banking Act of 2021 is one necessary step in the legalization and safe distribution of cannabis products. Be sure to expect continued pushback. If I were going to sell cannabis, I’d look into alternative means of securing cash and product—something along the lines of vaults and security measures such as armed guards, private investigators, as well as high tech security. What about insurance? Is that a problem too? [Edited.]
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    Yes it makes sense and should be legal on the federal level too.
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    Legalize marijuana period... end the drug war.
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    The law should be consistent and legal entities should be allowed to the same privileges as other legal businesses. The legalization of marijuana use across the country is happening, and inevitable all 50 states may end up in the same place.
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    It is silly not to allow marijuana sales, that are state approved, not to be able to have a bank account. Biggest reason marijuana is illegal is because big pharmaceuticals didn’t get into it first.
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    Yes and decriminalize at the Federal level!
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    Absolutely!
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    I am even opposed to legalizing marijuana. We have enough problems in the Black Community with quality of life issues, and we don’t need this complicating matters further.
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