Governor Murphy Adds Name to Cannabis Banking Letter

Governor Phil Murphy has joined 16 other governors (as of this writing) in adding his name to a letter to Congress urging passage of legislation to enable financial institutions to provide banking services to state-licensed cannabis businesses. 

NJ Attorney General Gurbir Grewal and Commissioner of Banking and Insurance Marlene Caride previously added their names to similar peer letters in May.   

CUNA and the state leagues support legislation that would allow credit unions and other financial institutions to serve these businesses, including both the Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595; S.1200) and the Strengthening the Tenth Amendment Through Entrusting States (STATES) Act (S.1028)

The House version of the SAFE Banking Act passed the House Financial Services Committee in March. The bipartisan bill currently has 206 cosponsors including eight from New Jersey, Reps. Donald Norcross (D-1), Jeff Van Drew (D-2), Tom Malinowski (D-7), Bill Pascrell, Jr. (D-9), Albio Sires (D-9), Donald Payne, Jr. (D-10), Mikie Sherrill (D-11) and Bonnie Watson Coleman (D-12). The Senate bill has 30 cosponsors including Sen. Bob Menendez (D-NJ).