NAR Applauds House Vote Approving Secure and Fair Enforcement Banking Act

H.R. 1595 would clarify that banks can work with cannabis companies in compliance with state law

WASHINGTON (September 25, 2019) – National Association of Realtors® President John Smaby issued the following statement after the House of Representatives today passed the Secure and Fair Enforcement Banking Act. The bill was approved by a vote of 321-103.

“NAR thanks the House of Representatives for its overwhelming, bipartisan support of the SAFE Act,” said Smaby, a second-generation Realtor® from Edina, Minnesota. “As nearly two thirds of all U.S. states have legalized cannabis for medical or recreational use, it is apparent that the legal state-cannabis industry’s connection to other markets – including real estate – will continue to grow in the coming years.

“With current laws keeping the industry’s money out of America’s banking system, our nation is jeopardizing economic growth while forfeiting critical opportunities for oversight and transparency. Realtors® sent a letter to House members last week urging passage of H.R. 1595, and we are pleased to see this commonsense legislation advance to the Senate for consideration.”

The National Association of Realtors® is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.