OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Secure and Fair Enforcement Banking Act of 2019

Floor Speech

Date: Sept. 25, 2019
Location: Washington, DC
Issues: Marijuana

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Mr. HUIZENGA. Mr. Speaker, I appreciate the ranking member allowing me this time.

Let's set aside the moral and societal aspects of cannabis and the debate and acknowledge that we have a problem. We do have a problem. We have States that have decided to violate Federal law; and within those States, we have banking institutions and businesses that are operating within the confines of the State, however, that are still in violation of the Federal law.

Now, here is what we do agree on: We need to have a goal of predictability for these financial institutions and for these businesses. However, I don't believe that this bill will ultimately do that because the Federal Government still views this as a schedule I substance.

I had an amendment in committee, as the author of the bill well knows, that would have forced alignment with all of the various regulators. I think at the time, my recollection is, we counted 13 different Federal regulators that touch these institutions in one way or another.

The answer to that was, well, in the bill, we have a requirement that they are going to agree with each other within 180 days.

Well, this is not going to come as a surprise to those watching on C- SPAN. We can't collectively tie our shoes here in Washington in 180 days, much less get through something that complicated.

My amendment said that this would go into effect only when and if all of the regulators could agree to the language of how to deal with it. I still think that is the right way to go.

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Mr. HUIZENGA. There is a big difference we know between industrial hemp and recreational cannabis. The only way for us to really get at this issue and provide predictability to the companies, to the financial institutions, and to our citizens is to have the full debate about whether marijuana and cannabis should be a schedule I substance or not. It is time for this full debate to happen, and I look forward to it.

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