to amend the Securities Exchange Act of 1934 to create a safe harbor for national securities exchanges to list the securities of issuers that are cannabis-related legitimate businesses
Create a safe harbor for national securities exchanges to list securities of cannabis-related legitimate businesses.
Occurrences
to amend the Securities Exchange Act of 1934 to create a safe harbor for national securities exchanges to list the securities of issuers that are cannabis-related legitimate businesses
Evidence
legacy_unverified · Source version not recorded · locator unknown
Mr. Carter of Louisiana (for himself and Mr. Reschenthaler) introduced the following bill; which was referred to the Committee on Financial Services. The bill text states it would 'amend the Securities Exchange Act of 1934 to create a safe harbor for national securities exchanges to list the securities of issuers that are cannabis-related legitimate businesses.'
legacy_unverified · Source version not recorded · locator unknown
The bill text includes the purpose 'to amend the Securities Exchange Act of 1934 to create a safe harbor for national securities exchanges to list the securities of issuers that are cannabis-related legitimate businesses.'
legacy_unverified · Source version not recorded · locator unknown
The Congressional Record records: 'CARTER of Louisiana (for himself and Mr. Reschenthaler): H.R. 8200. A bill to amend any applicable federal law ... and to amend the Securities Exchange Act of 1934 to create a safe harbor for national securities exchanges to list the securities of issuers that are cannabis-related legitimate businesses; to the Committee on Financial Services.'
legacy_unverified · Source version not recorded · locator unknown
GovInfo lists H.R. 7987 in the 119th Congress as an introduced House bill. The action record says Reschenthaler introduced the bill with Carter of Louisiana and it was referred to the House Committee on Financial Services. The full title states that it would amend the Securities Exchange Act of 1934 to create a safe harbor for national securities exchanges to list securities of cannabis-related legitimate businesses.
legacy_unverified · Source version not recorded · locator unknown
The introduced text includes Section 3, Safe Harbor for National Securities Exchanges, adding Securities Exchange Act subsection 6(m). It would allow registered national securities exchanges and market participants to list, permit trading of, and facilitate offerings for securities of cannabis-related legitimate businesses and service providers. Section 4 says the bill takes effect 180 days after enactment.
Assessments
Reschenthaler materially advanced the promised policy by co-introducing CLIMB Act legislation in the 117th Congress and reintroducing matching safe-harbor language in H.R. 7987 in the 119th Congress. The bill text directly matches the commitment to create a securities-exchange safe harbor for cannabis-related legitimate businesses. However, the evidence shows only introduction and referral to committee, with no enactment or implemented safe harbor as of the latest record, so the promise has not yet been delivered.
The claim matches H.R. 8200, introduced in the 117th Congress by Rep. Troy Carter for himself and Rep. Reschenthaler, to create a safe harbor for national securities exchanges to list securities of cannabis-related legitimate businesses. That shows Reschenthaler materially advanced the promised policy through formal legislation. However, the evidence only shows introduction and referral to committee, with no passage in Congress and no enactment into law. Because there was a serious legislative attempt but the promised outcome was not delivered, the appropriate judgment is never with an effort badge.