U.S. House advances Rep. Perlmutter’s cannabis banking reform amendment

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A popular cannabis banking reform amendment offered by U.S. Rep. Ed Perlmutter (D-CO) that would provide protections to financial institutions serving legal cannabis-based businesses on Friday received approval from the U.S. House of Representatives as part of a larger bill.

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The U.S. House voted 222-210 to approve Perlmutter’s bipartisan Secure and Fair Enforcement (SAFE) Banking Act as part of the America COMPETES Act, sweeping legislation to bolster America’s competitiveness with China and address the country’s shortage of semiconductors.

“I’m glad to see it included in the America COMPETES Act and I will keep pushing to ensure it remains in the final package negotiated with the Senate,” Perlmutter said following the House vote.

The SAFE Banking Act — which Perlmutter sponsored in March 2021 alongside 107 original House cosponsors and on Thursday got…

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