An alumnus of University of Colorado’s law school with a special interest in business law, Representative Ed Perlmutter was elected to the U.S. House of Representatives in 2006 in Colorado’s 7th District. Currently serving his seventh term, Rep. Perlmutter was previously elected to the Colorado State Senate in 1994 after working for his father’s construction company and practicing business law locally for 25 years.
Why He’s Important to Agents
Rep. Perlmutter serves on the House Financial Services Committee, which has jurisdiction over most insurance issues. Notable for PIA, the congressman has led the way on the Secure and Fair Enforcement Banking Act (SAFE Banking Act), a PIA top legislative priority.
The SAFE Banking Act protects insurance agents who insure marijuana-related businesses from reprisal by the federal government. It is also designed to allow tightly regulated marijuana businesses to access banking services such as loans. Nearly every state has legalized cannabis to some degree. PIA’s position is respectful of state insurance laws; we seek to protect independent agents from criminal prosecution for engaging in the sale of insurance to businesses that are legal according to state law.
The SAFE Banking Act has wide bipartisan support and passed the House in September 2019, but stalled in the Senate. The SAFE Banking Act (H.R. 1996) was reintroduced this Congress in the House in March 2021 by Rep. Perlmutter with over 180 co-sponsors. The bill passed the House twice in 2021 but has not advanced in the Senate.
PIA will continue to work with Rep. Perlmutter to urge passage of the SAFE Banking Act in the 117th Congress.