Support for SAFE Banking Act (S. 1200) and STATES Act (S. 1028)
May 1, 2019
The Real Estate Roundtable wrote to the Chairman and Ranking Members of the Senate Banking, Housing and Urban Affairs, and Judiciary Committees encouraging their respected committees hold hearings on S. 1200, the broadly bipartisan Secure and Fair Enforcement ("SAFE") Banking Act. Hearings would create a record to resolve and reconcile the conflict between business transactions deemed legal under state law, that are nonetheless exposed to federal criminal liability.
Passage of the SAFE Banking Act is a strong first step to clarify a full range of proper business conduct in the rapidly evolving context of cannabis policy. We recommend that Congress further pass S. 1028, the bipartisan Strengthening the Tenth Amendment through Entrusting States (“STATES) Act, led by co-sponsors Senators Gardner (R-CO) and Warren (D-MA). The STATES Act more holistically addresses financial issues caused by the federal marijuana prohibition. It provides that state-compliant transactions are not “trafficking” and do not result in unlawful proceeds. Brokerage, investment, transportation, advertising and other commercial transactions intrinsic and ancillary to real estate services could function more productively with STATES Act safeguards.
The Real Estate Roundtable urges swift enactment of both S. 1200 and S. 1028.