Bill Would Ensure Energy Companies and Firearm Manufacturers Have Access to Financial Institutions
U.S. SENATE – U.S.Senator Steve Daines today issued the following statement after his bipartisan “SAFER Banking Act” passed the Banking Committee with bipartisan support.
“The ‘SAFER Banking Act’ is a win-win for our Montana communities. On one hand, it’s about keeping our Montana communities safe, reducing the risk of crime and providing much-needed clarity for law enforcement officers. It’s also about protecting legal business’ access to financial institutions. Whether it’s a legal cannabis business, a legal gun manufacturer or a legal energy company, no Montana business should be shut out of banks or credit unions because of ideological differences. I will continue to work with my colleagues on both sides of the aisle to strengthen this bill for the good of our communities and look forward to seeing it head to the floor.”
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See below for Daines’ remarks as prepared for delivery.
“Thank you, Chairman Brown, for convening the markup on this important legislation.
“Thank you to Ranking Member Scott and his team for facilitating this process even though we may disagree on some of the policies.
“I want to start by saying that I am opposed to the legalization or decriminalization of marijuana.
“The SAFER Banking Act is not about that at all and is not a step in that direction.
“This bill is about public safety first and foremost.
“The current all cash model of legal cannabis businesses makes them targets for theft, tax evasion and organized crime.
“The key to addressing this risk is by ensuring that all legal businesses have access to the banking system.
“Additionally, this bill tackles much-needed reforms with respect to financial account closures.
“The illegal ‘Operation Chokepoint’ initiative by the Obama Administration targeted politically disfavored groups and attempted to drive them out of the banking system.
“This legislation takes an important step forward in ensuring regulators never again have an opportunity to target any legal business, including gun manufacturers and distributors or energy companies because of political differences.
“The full Senate and House will have an opportunity to make their own mark on this legislation and strengthen it as they see fit.
“That is regular order and I look forward to working with every member to strengthen this bill and get it to the President’s desk and signed into law.
“Thank you.”
Background:
Senator Daines strengthened the SAFER Banking Act by securing critical provisions for Montana, including ensuring energy companies and gun manufacturers always have access to banks and credit unions. Daines’ efforts will protect Montana businesses from liberal initiatives that are part of the Environmental and Social Governance (ESG) movement. Daines also worked to ensure Operation Chokepoint, an illegal initiative put in place by the Obama administration that pressured banks to close accounts of industries they were ideologically opposed to, can never happen again.