Twenty Governors Pen Cannabis Banking Letter to Congress

Eighteen state and two territorial governors added their names to a letter sent last week urging Congress to pass legislation to enable financial institutions to provide banking services to state-licensed cannabis businesses. New Jersey Governor Phil Murphy (D) and Pennsylvania Governor Tom Wolf (D) were among the 20 signatories to the letter sent Thursday to U.S. Senate and U.S. House leadership, and the chairs and ranking members of the Senate Banking and House Financial Service committees. 

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).