Late last week, the U.S. House of Representatives passed H.R. 7900, the “National Defense Authorization Act" (NDAA) by a vote of 329-101. The legislation included two policies supported by the Big “I."

First, the NDAA included the “Secure and Fair Enforcement (SAFE) Banking Act," introduced by Rep. Ed Perlmutter (D-Colorado). This important legislation attempts to reconcile federal law with conflicting cannabis-related state laws by providing a federal “safe harbor" to financial services providers, including insurers and agents and brokers.

Specifically, the legislation would prevent criminal prosecution and civil liability against agents and brokers who, of their own accord, choose to engage with “cannabis-related legitimate businesses." It would also provide clarity for transactions involving these businesses.

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 of states permit medical marijuana use in some capacity and several states now allow the sale of marijuana for recreational purposes.

The Big “I," along with its industry partners, worked diligently to include the insurance protections in the SAFE Banking Act and is pleased the legislation would provide legal clarity for agents and brokers. The Big “I" has previously joined with others in the insurance industry in sending a letter of support to the bill's cosponsors, which thanked them for including needed clarity for insurance transactions related to cannabis that are otherwise permissible under state law.

The SAFE Banking Act has now passed the House seven times but remains stalled in the Senate where Senate leaders continue to insist that the legislation is paired with broader criminal justice reforms.

In addition to the SAFE Banking Act, the NDAA also included the "Hermit's Peak Fire Assistance Act," which the Big “I" supported. This legislation would establish an Office of Hermit's Peak/Calf Canyon Fire Claims within the Federal Emergency Management Agency (FEMA) to receive, process, and pay claims in accordance with the act. Importantly, the legislation would authorize full compensation for New Mexico residents and business owners for losses caused by the Hermits Peak/Calf Canyon Fire.

In April, the Hermit's Peak Fire merged with the Calf Canyon Fire to create the largest wildfire in New Mexico history. The wildfires started from an approved prescribed fire planned by the U.S. Forest Service in the Santa Fe National Forest and the federal government has accepted responsibility for the wildfire.

As these important policies continue to make their way through Congress, the Big “I" will continue to provide members with updates in the weekly News & Views e-newsletter.

Wyatt Stewart is Big “I" assistant vice president of federal government affairs.