Colorado Congressman Ed Perlmutter Frustrated After Senate Shoots Down Safe Banking Act For Marijuana Businesses

LITTLETON, Colo. (CBS4)- Colorado Congressman Ed Perlmutter is frustrated that once again the Senate has shot down his proposal to allow marijuana businesses access to the banking system. The Democrat representing Colorado's 7th Congressional District has spent years fighting for the Safe Banking Act.

Perlmutter said because those businesses can't access banking services, most go cash-only and that can make them vulnerable to violent criminals.

The Safe Banking Act was dropped from the federal defense spending bill on Tuesday.

Perlmutter said he will continue to fight for the bill but said, "with every passing day, the Senate's unwillingness to deal with the issue endangers and harms businesses, their employees and communities across the country."