U.S. Senators Cynthia Lummis (R-WY) and Steve Daines (R-MT) have announced they will be introducing a new bill that would prevent the federal legalisation of cannabis.
Stating that they do not agree with the federal legalisation of cannabis, the Senators believe the decision should be made at the state level.
The bill is a response to Obama’s “Operation Chokepoint” initiative launched in 2013, which aimed to pressure banks to close accounts related to certain industries such as firearms and pay day loans – industries that are at risk of fraud.
In a press statement the Senators explained that the bill provides protections for energy companies and gun manufacturers to stop Environmental and Social Governance (ESG) initiatives “threatening the industries as part of the Safe and Fair Enforcement Regulation (SAFER) Banking Act.”
Senator Lummis stated: “Energy companies in Wyoming are threatened daily by woke ESG initiatives that could cause these energy producers to lose access to bank accounts and loans.
“The SAFER Banking Act prohibits federal bank regulators from ordering a bank or credit union to close an account based on reputation risk, which will protect energy companies and gun manufacturers from attacks from the left that threaten their business each day.
“All legal businesses should have access to bank accounts, and this legislation ensures the federal government cannot pick winners and losers when it comes to providing access to financial services.”
The Senators’ announcement follows key amendments to the text of the SAFE Banking Act, which is now entitled the “Secure and Fair Enforcement Regulation (SAFER) Banking Act”.
Key amendments as reported on by the Marijuana Moment include changes to wording that initially prevented regulators from taking action that would discourage banks from working with cannabis-related businesses to instead state that these regulators must have a “valid reason” for preventing such relationships.
Senator Daines stated: “The SAFER Banking Act is about keeping our Montana communities safe and reducing the risk of crime, but it’s also about protecting legal business’ access to financial institutions.
“Whether it’s a legal cannabis business, a legal gun manufacturer or a legal energy company, no Montana business should be shut out of banks or credit unions and forced to operate in all-cash because of ideological differences.
“I’m glad to work with my colleagues to ensure all legal Montana businesses will be protected from the whims of the Left’s wokeness.”
“Wyoming’s community banks are committed to meeting the needs of all of Wyoming’s families and industries. The SAFER Banking Act does not force any bank to do business in areas where they lack experience or expertise, but it will help Wyoming businesses who need a bank account get one more easily.
“The bill will also force federal banking regulators to cut red tape and tailor their regulations for rural community banks. This commonsense bill is welcome news to the Wyoming Bankers Association,” added Scott W. Meier, President of the Wyoming Bankers Association.
Both Senators confirm in their announcement that they oppose the legalisation of cannabis and “believe it is an issue that should be decided at the state level. In the coming days Lummis and Daines will be introducing legislation to ensure marijuana cannot be legalised federally by the FDA without Congressional approval.”
