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AG Reyes Urges Congress to Pass Legislation Allowing Marijuana-Related Business to Access the Banking System

FOR IMMEDIATE RELEASE
May 8, 2019

AG REYES JOINS COALITION OF 38 STATES URGING CONGRESS TO PASS LEGISLATION ALLOWING MARIJUANA-RELATED BUSINESS TO ACCESS THE BANKING SYSTEM

SALT LAKE CITYUtah Attorney General Sean D. Reyes today joined a bipartisan coalition of 38 states and territorial attorneys general urging Congress to pass the federal Secure and Fair Enforcement, or SAFE, Banking Act or similar measures that would give legal marijuana-related businesses access to the federal banking system.

“I urge Congress to be proactive and face the reality that legislation is crucial to providing structure to a business that’s growing exponentially,” Utah Attorney General Sean D. Reyes said. “In Utah, we need to address the business side of our state’s medical marijuana law. The Utah Legislature, Governor Gary R. Herbert, and State Treasurer David Damschen are equally invested in seeking a solution to this reality. If we don’t act, there could be serious issues for both state government and our financial institutions. This is both a public safety and state’s rights issue.”

Under existing law, federal regulators prohibit financial institutions from providing services to marijuana businesses in states where medical or retail marijuana sales are legal. Forcing legal businesses to operate as cash-only operations poses serious safety threats, creating targets for violent and white-collar crime. The SAFE Banking Act permits marijuana-related businesses in states and territories with existing regulatory structures to access the federal banking system.

The SAFE Banking Act has widespread, bipartisan support with 172 cosponsors in the U.S. House. The House Financial Services Committee approved the bill in March and now it awaits a vote by the full House.

With the backing of 38 of the nation’s attorneys general, the National Association of Attorneys General (NAAG) has chosen to endorse the legislation as one of its official policy positions. Historically, NAAG endorses less than a dozen policies a year.

The coalition of states and territories includes Alaska, Arizona, Arkansas, California, Connecticut, Colorado, Delaware, the District of Columbia, Guam, Hawaii, Illinois, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Nevada, New Jersey, New Mexico, New York, North Dakota, the Northern Mariana Islands, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, the U.S. Virgin Islands, Utah, Vermont, Virginia, Washington, West Virginia, and Wisconsin.

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NOTES:
1. Find the full text of H.R. 1595 – SAFE Banking Act of 2019 here: https://www.congress.gov/bill/116th-congress/house-bill/1595?q=%7B%22search%22%3A%5B%22SAFE+Banking+Act%22%5D%7D&s=1&r=

2. The full text of the NAAG letter to Congress can be read here: https://attorneygeneral.utah.gov/wp-content/uploads/2019/05/NAAG-Letter-SAFE-Banking-Act-of-2019.pdf

3. During the last Legislative Session, the Utah Senate presented a concurrent resolution urging legal medical cannabis banking in an effort to resolve this issue. You can read the entire resolution here: https://le.utah.gov/~2019/bills/static/SCR007.html

Dept. of Justice hosts discussion on tech companies with state AGs

FOR IMMEDIATE RELEASE
September 25, 2018

 

ATTORNEY GENERAL SEAN D. REYES JOINS U.S. ATTORNEY GENERAL TO DISCUSS TECH COMPANIES
State attorneys general share consumer protection concerns on tech company platforms

WASHINGTON, D.C. – Today, Utah Attorney General Sean D. Reyes joined U.S. Attorney General Jeff Sessions, eight other state attorneys general, and representatives from five state attorneys general offices at the Department of Justice to discuss competition, free exchange of ideas, and consumer protection surrounding tech company platforms.

AG Reyes shared the following statement after the meeting concluded:

Today’s meeting was part of a critical, ongoing dialogue on protecting consumers and competition in the technology sector without unnecessarily burdening innovation or investment. State AGs have grappled with these issues for years. Having a federal perspective was welcome. The meeting was bipartisan. It was productive. We compared notes with our federal partners about a range of issues including cybersecurity, privacy, data gathering, and monetization of personal information by members of the tech community.

We shared ideas and concerns about the impact of dominant market players on competition and how they may be unfairly leveraging their position for competitive advantage. We agreed that at the federal and state level, we are both seeking robust protection of consumers and markets through responsible regulation and disciplined enforcement.

Utah is a rapidly expanding innovation hub. As such, consumer protection, privacy, and a level playing field in the tech ecosystem are of utmost concern to me and the Utah AG Office. I want to thank Attorney General Jeff Sessions and his team at the U.S. Department of Justice for inviting us to collaborate in addressing issues crucial to the future of our nation.

Utah joined attorneys general from Alabama, California, Louisiana, Maryland, Mississippi, Nebraska, Tennessee, and the District of Columbia, as well as representatives from the Office of the Attorney General in Arkansas, Arizona, Missouri, Texas, and Washington.

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Photo by Marvin Meyer

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