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The latest economic stimulus package introduced in the U.S. House of Representatives on Tuesday includes previously proposed measures that would protect insurers covering cannabis businesses in states where the drug is legal from prosecution under federal law.
The text of the Secure and Fair Enforcement Banking Act of 2020 is included in the 1,800-page bill that the House is expected to vote on this week.
An earlier version of the SAFE Banking Act was passed by the Democratic-controlled House last year, but the Republican-controlled Senate did not schedule a vote on the legislation.
It remains unclear whether the latest stimulus bill – the Health and Economic Recovery Omnibus Emergency Solutions Act – will be taken up by the Senate.
The legislation provides liability protections to financial services companies with cannabis clients who comply with state laws where cannabis is legal but breach federal laws that still classify the drug as a controlled substance.
Insurers, many of whom have been wary of offering coverage to cannabis firms, would be protected under the legislation.
According to the text of the bill, banks and insurers that provide services to legitimate cannabis businesses “may not be held liable pursuant to any Federal law or regulation — (A) solely for providing such a financial service; or (B) for further investing any income derived from such a financial service.”