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Big "I" Applauds House Passage of Financial Services Cannabis Bill

SAFE Banking Act provides significant legal protections for insurance agents and brokers.

WASHINGTON, D.C., September 25, 2019 -- The Independent Insurance Agents & Brokers of America (the Big “I”) thanks the U.S. House of Representatives for passing legislation which would protect agents and brokers who write insurance coverage for legitimate cannabis-related businesses from criminal prosecution and civil liability. H.R. 1595, the Secure and Fair Enforcement (SAFE) Banking Act overwhelmingly passed the House with a vote of 321-103. 

“The Big ‘I’ applauds the House of Representatives for passing the SAFE Banking Act and taking the steps necessary to protect agents and brokers,” says Charles Symington, Big “I" senior vice president of external, industry & government affairs. “The Big “I” especially wants to thank Rep. Ed Perlmutter (D-Colorado) and Rep. Steve Stivers (R-Ohio) for their leadership on this important legislation.”

Under current federal law, the cultivation, possession and distribution of marijuana is illegal, except for some limited research purposes. However, at the state level, all but a handful states permit medical marijuana use in some capacity, and several states now allow the sale of marijuana for recreational purposes.

 “Now that the legislation has passed the House, the Big ‘I’ encourages the Senate to take action on cannabis legislation,” says Joseph Cortina, Big “I” director of federal government affairs. “Specifically, we encourage Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) to consider the SAFE Banking Act.”

Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice brand. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies. ​

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