Politics
Watch Live: Congress To Vote On Historic Marijuana Banking Bill
A historic vote on marijuana reform is underway in the House of Representatives, where lawmakers will take up a bill providing protections for banks that service cannabis businesses.
The vote is being held through a process know as suspension of the rules, meaning two-thirds of the chamber (290 members if all are present) must approve it for passage. Debate will be limited to 40 minutes and no floor amendments are allowed.
Lawmakers will do a voice vote on the measure first, with a follow up roll call vote expected later in the afternoon.
Watch the vote live below:
The Secure and Fair Enforcement (SAFE) Banking Act, sponsored by Rep. Ed Perlmutter (D-CO), currently has 206 cosponsors, including 26 Republicans. It would shield banks that take on marijuana business clients from being penalized by federal regulators.
Perlmutter moved to add amendments to the legislation last week—clarifying that the protections extend to hemp and CBD businesses and prohibiting regulators from targeting certain industries such as firearms dealers as higher risk for fraud—in order to bolster its GOP appeal.
The SAFE Banking Act is the first piece of standalone cannabis reform legislation to get a House floor vote.
Advocates and lawmakers have emphasized that this bill represents the first in a series of reform moves Congress will take, with the ultimate goal being to end federal marijuana prohibition.
Follow Marijuana Moment for up-to-the-minute coverage of the historic vote.
Judiciary Committee Chairman Pledges Broader Marijuana Reform After Banking Vote
