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A bipartisan group on House members on Thursday introduced legislation that would provide credit unions and other financial institutions with a safe harbor from sanctions for doing business with marijuana-related businesses.
Democrats Ed Perlmutter of Colorado and Denny Heck of Washington introduced H.R. 1595, which has 99 Democratic cosponsors and nine Republican cosponsors.
“Only Congress can provide the certainty financial institutions need to start banking legitimate marijuana businesses – just like any other legal business – and reduce risks for employees, businesses and communities across the country,” Heck said.
“If Congress fails to act, we are discouraging responsible, regulated markets and allowing a serious public safety threat to go unaddressed,” Heck said.