Statement on the Wisconsin Attorney General’s request that Congress advance the SAFE Banking Act from Rose Oswald Poels, president/CEO of the Wisconsin Bankers Association

“The Wisconsin Bankers Association (WBA) applauds Wisconsin Attorney General Josh Kaul’s recent support of the SAFE Banking Act. Kaul, along with 37 Attorneys General, wrote a letter to Congress requesting that they advance the SAFE Banking Act.

The SAFE Banking Act addresses the public safety concerns that stem from financial institutions caught in the conflict between state and federal cannabis laws. Cannabis has been legalized in some form in many states, yet federal law prohibits banks from serving cannabis businesses in those same states.

When legal cannabis businesses are cut off from the banking system and forced to hold large amounts of cash, this causes a public safety concern for everyone involved.

Attorney General Kaul recognizes that the SAFE Banking Act addresses some of those concerns and we thank him for acting on that recognition with his request to Congress. WBA takes no position on the moral issues raised by legalizing marijuana, but the growing number of states that allow its sale and use raise practical issues that must be addressed.