Congressman Steven Horsford Delivers Remarks on Making Communities Safer with SAFE Banking Act

Congressman Steven Horsford addressed in Congress in support of the SAFE Banking Act (H.R. 1595)

September 26, 2019

Washington, D.C. — On Wednesday, September 25, 2019, Congressman Steven Horsford (NV-04) addressed his colleagues in Congress in support of the Secure and Fair Enforcement Banking Act, also known as the SAFE Banking Act (H.R. 1595), prohibiting federal regulators from taking punitive measures against institutions that provide banking services to legitimate cannabis-related businesses. The Congressman's remarks are below:

Transcript of remarks:

Almost three-years ago, Nevadan voters went to the polls and voted to legalize recreational marijuana, making Nevada one of five states to legalize marijuana in the 2016 election. After its legalization, local businesses owners promptly invested in Nevada's legal cannabis market hoping to take advantage of the new opportunity.

And Nevada's marijuana market, quickly exceeded expectations, growing rapidly to become a burgeoning industry. Within ten months of legalization, Nevada already exceeded the initial one-year projection of marijuana tax revenue, bringing in more than $55 million in taxes, money that would have otherwise flooded illicit drug markets.

Today, Nevada, raises more revenue from cannabis excise taxes than alcohol excise taxes. And interestingly enough, the marijuana industry did this without incurring vast detriments to society, creating addiction crises, or serving as a "gateway drug" as marijuana opponents have so long argued.

Nevada's legalization of marijuana has proven that it has a place in the modern market and that it is valued by consumers; by the people. It's time we recognize what we have seen in the eleven states that have legalized marijuana and begin passing legislation that allows this industry to operate as a legitimate business, with access to SAFE Banking. Thank you and I yield the remainder of my time.

The SAFE Banking Act establishes a safe harbor for any depository institution that chooses to provide banking services to a cannabis-related legitimate businesses which holds and maintains a license from a state or local government to engage in manufacturing, growing, or producing, as well as any business who handles, sells, transports, displays or distributes cannabis or cannabis products.