Laws that may encourage U.S. banks and bank card corporations to do enterprise with hemp and CBD corporations will hit the ground of the U.S. Home of Representatives within the subsequent few days. We’d like your assist TODAY in making certain that it’s handed.
Issue to find banks and bank card corporations to deal with monetary transactions has been plaguing the hemp business for a lot of months. Too many monetary establishments refuse to do enterprise with hemp and CBD corporations, apprehensive in regards to the threat that they are going to be sanctioned by federal companies.
U.S. Rep. Andy Barr (KY) has stepped ahead with an answer. Language that he drafted in shut session with the U.S. Hemp Roundtable was added to the SAFE Banking Act, a invoice pending that would offer federal protections for banking with all cannabis companies. Particularly, Rep. Barr’s language would:
- Present a protected harbor for hemp monetary transactions, making certain that banks and different monetary establishments wouldn’t face federal punishment for these actions; and
- Direct the federal monetary regulators (FDIC, Federal Reserve, and so forth.) to situation clear, formal steering to banks, bank card corporations and different monetary establishments in regards to the legality of hemp and CBD commerce.
Try Sections 11-12 of the SAFE Banking Act for particulars.
The invoice will go earlier than the total Home in a matter of days, so it’s crucial that we act now. Please use our on-line portal to e-mail your Member of Congress to induce them to vote for passage of the SAFE Banking Act with the hemp provisions included.
CONTACT YOUR MEMBER OF CONGRESS