DOJ issues memo to Congress about SAFE Banking Bill

DOJ issues memo to Congress about SAFE Banking Bill

The Department of Justice issued a memo to congressional leaders regarding the Secure and Fair Enforcement Banking Act of 2021, SAFE Banking Act, indicating its concerns about the bill. According to Punchbowl News, the language in the initial House bill could complicate law enforcement investigations and prosecutions.

The memo was requested by Senate Republicans.

Marijuana banking legislation aims to allow financial institutions to work with legal cannabis companies. This cannabis banking reform is one of the highest priorities in the administration's lame-duck session, according to Senate Majority Leader Chuck Schumer. Industry experts and analysts believe that the bill will have a chance at this point.

Among the biggest concerns highlighted in the memo of the DOJ are the following:

A DOJ official said that the agency believes it can implement the legislation with minimal changes, according to an email obtained by Punchbowl News. A group of bipartisan senators is planning to attach the SAFE Banking Act to a must-pass year-end bill, like the National Defense Authorization Act.

The DOJ announced last December that it would be able to implement the revised legislation, the one that was a bipartisan bill introduced by Reps. Dave Joyce R-Ohio and Alexandria Ocasio-Cortez D-N.Y. The bill, which was a bipartisan bill, would result in a State Expungement Opportunity Grant Program that would reduce state costs for processing expungements.

The legislation is expected to garner support from both conservative and progressive Congress members.

A couple of weeks ago, Schumer met Senate Banking Chairman Sherrod Brown D-Ohio Sens. Steve Daines R-Montana and Jeff Merkley D-Oregon were among other legislators to talk about the SAFE Banking Act.

The lawmakers said they were trying to find common ground between Republicans and Democrats.

We are serious. Sen. Brown said we want to do this. I am very optimistic and hopeful that we will come to an agreement. Photo: Benzinga Edit, Sources: 5 second Studio and Eight Photo by Shutterstock