Banking & Finance

Retiring Colorado Congressman Pledges To Push For Marijuana Banking Legislation

Retiring Colorado Congressman Pledges To Push For Marijuana Banking Legislation

Representative Ed Perlmutter (D-CO) announced he is not running for reelection after the end of his current term and has vowed to continue to push for a marijuana banking bill until his retirement, as reported in Marijuana Moment.

“I have not given up on that one,” Perlmutter said in an interview with CPR News. “I’m gonna get that darn thing passed this year while I still serve out my term.”

In the same interview with Colorado Public Radio (CPR), Perlmutter discussed his decision to not run for reelection and instead retire at the end of his term. 

The congressman also spoke about his disappointment with the Senate failing to advance the Secure and Fair Enforcement (SAFE) Act even though the United States House of Representatives has approved it five times.

“We passed it when the Republicans were in charge of the Senate, and when it went over there to the Senate, they said basically the bill’s too big and too broad. Then we pass it, the Democrats are in charge, all of a sudden it becomes too narrow and too limited – it wasn’t big enough for Chuck Schumer,” Perlmutter said in the interview. 

Last September, Majority Leader Chuck Schumer (D-NY) said that he and his colleagues would not address marijuana banking legislation until a more comprehensive federal marijuana reform was established first.

Last month, Congress dropped the SAFE Banking Act, which drew criticism from Perlmutter. 

“The Senate insists on burying its head in the sand and denies every opportunity to reform or outdated cannabis laws to align to state and federal law to improve public safety,” Perlmutter said in a statement.

Perlmutter represents Colorado’s 7th district which contains the northern and western suburbs of the Denver metropolitan area where people can legally purchase their cannabis supplies. He discussed some of the reasoning behind his push for comprehensive marijuana banking reform.

“So much cash is generated in this business. It attracts robberies, and we had a murder here in Colorado. There have been murders across the country because there is so much cash. These businesses need to have banking services,” Perlmutter said to CPR News.

The Colorado representative was also asked if he believed President Joe Biden would sign a marijuana banking reform legislation if it reached his desk.

“I feel very good that it would pass. We’re at 47 states that have some level of marijuana use, all the territories and District of Columbia, and they need to have legitimate banking services.”

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