PROPOSED FEDERAL LEGISLATION

Sponsor: Rep. Ed Perlmutter (D-CO) – 3/18/21

• A federal regulator cannot terminate or limit the deposit insurance or share insurance of a depository institution […] solely because the depository institution provides or has provided financial services to a cannabis-related legitimate business or service provider…
• prohibit, penalize, or otherwise discourage a depository institution from providing financial services to a cannabis-related legitimate business…
• recommend, incentivize, or encourage a depository institution not to offer financial services to an account holder, or to downgrade or cancel the financial services offered to an account holder solely because [of their involvement with the cannabis industry]…
• take any adverse or corrective supervisory action on a loan made to [a CRB or related person]…
• Federal Financial Institutions Examination Council shall develop uniform guidance and examination procedures for depository institutions that provide financial services to cannabis-related legitimate businesses and service providers.

https://www.congress.gov/bill/117th-congress/house-bill/1996

Sponsors: Sens. Cory Booker (D-NJ), Ron Wyden (D-OR), Chuck Schumer (D-NY)

• Decriminalization of marijuana as a controlled substance. This includes state authority over transportation of product in each state, regulated in the same manner as though product had been produced in that state.
• Three federal regulatory authorities: The Bureau of Alcohol, Tobacco, Firearms, and Explosives; The Department of Health and Human Services; and The Department of Treasury.
• Excise taxes starting at 10% during the first year of legalization, then increasing by 5% to 25% by years 4 and 5.
• Research and studies on the societal impact of marijuana legalization including the efficacy of medical marijuana as a treatment for certain diseases, community reinvestment programs, and expungements for certain cannabis records.
• Establishment of an FDA Center for Cannabis Products to properly regulate all cannabis products including CBD, product standards/safety and recalls; includes the creation of a Cannabis Products Advisory Committee to oversee product regulation.

https://www.democrats.senate.gov/imo/media/doc/Cannabis%20Administration%20and%20Opportunity%20Act.pdf

Sponsor: Rep. Nancy Mace (R-SC) – 11/15/21

• Descheduling – Removal of “cannabis” from the Schedule of Controlled Substances
• Expungement – clearing convictions for marijuana-specific non-violent offenses
• Regulation of Marijuana Like Alcohol – FDA
• Regulation of Cannabis like Barley, Hops, and Grain – USDA (similar to hemp)
• Administration Like Alcohol Under Tax and Trade Bureau – Department of Treasury
• Transferring Agency Functions With Regard to Marijuana – DEA to AT[C]FE
• Grandfathering – state-issued licenses will be transferred to federal ones
• Beneficial Ownership threshold – 10% for corporate entities
• Fair Small Business Administration Access – may not be denied to “Cannabis-Related Legitimate Businesses and Service Providers”
• Excise Tax – 3%, over $1 million be paid by electronic funds transfer to a Federal Reserve Bank
• Track-and-Trace – national system under Treasury, inventory monitored by IRS

https://www.congress.gov/bill/117th-congress/house-bill/5977