Steve Stivers: “I would like to thank the ranking member for yielding. Madam Speaker, I rise in support of H.R. 1595, the SAFE Banking…”

“I would like to thank the ranking member for yielding. Madam Speaker, I rise in support of H.R. 1595, the SAFE Banking Act. The bill provides a limited safe harbor for banks and credit unions to open and maintain accounts for marijuana-related businesses and other nonmarijuana-related businesses. I personally oppose recreational marijuana. But for me, this bill has nothing to do with the larger debate about marijuana and whether it is a good or bad thing. Instead, I am narrowly focused on the public safety aspects of this bill. The inconsistencies between State and Federal law have created a situation where a growing number of State- regulated businesses are operating on a cash-only basis. As a result, they sit on large pools of cash that make them a magnet for violent robberies. The transactions of cash-only businesses are not subjected to rigorous anti-money laundering or know your customer requirements that would be required for bank account holders. This makes it difficult for regulators and law enforcement to trace transactions or to freeze money. The SAFE Banking Act will make our communities safer by getting cash off the streets and into regulated financial institutions, so we can root out fraud and other illegal activity. The bill also extends the safe harbor to any proceeds indirectly received from these businesses such as a hardware store down the street or the landlord of these businesses.…”