Secure and Fair Enforcement Banking Act of 2021

Floor Speech

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Mr. CORREA. Mr. Speaker, the SAFE Banking Act can be summarized in three basic points. First of all, this measure does not legalize anything at the State level. Today, 47 States, four U.S. territories, and D.C., representing 98 percent of the U.S. population, have legalized cannabis in one form or another.

Second, this is essentially a States' rights issue. This measure essentially says that when a State legalizes cannabis, the Federal Government will respect that decision when it comes to banking.

Finally, this measure is essentially about helping our local police officers back home do their job safely and effectively. We already give our local police officers the impossible job of taking care of the homeless and the mentally ill, and now we are asking our police officers to protect the legalized cannabis industry, a cash business, from those criminals that would prey upon them. This just doesn't make sense.

Today, because of Federal law, the cannabis industry can only operate on a cash basis. They pay their Federal, State, and local taxes with cash. Let me repeat. Today, the cannabis industry pays their Federal taxes with cash. They pay their employees with cash. They pay their rent with cash, and they pay their bills with cash. This is no way to keep our streets safe.

Let's help our local police officers keep our communities safe. Let's get the cash out of the cannabis industry, and let's pass H.R. 1996.

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