Report: Pot banking bill would increase CU deposits $350M
Passing into law The SAFE Banking Act (H.R. 1595), which would institute a safe harbor for financial institutions serving legal marijuana businesses, would increase insured deposits at credit unions by about $200 million by 2022 and $350 million by 2029, according to the Congressional Budget Office (CBO).
The CBO also estimates that the legislation would decrease net direct federal spending by $4 million and reduce the federal deficit by $2 million over the next decade.
The bill is cosponsored by a bipartisan group of 184 lawmakers, and was introduced by House Financial Services Committee members Ed Perlmutter, D-Colo., Denny Heck, D-Wash., Steve Stivers, R-Ohio, and Warren Davidson, R-Ohio.
In March, the House Financial Services Committee advanced the bill on a 45-15 bipartisan vote. NAFCU lobbyists expect that the full House could consider the bill later this summer.
continue reading »