A bipartisan coalition of U.S. senators and representatives have filed legislation to protect banks from being punished for providing financial services to marijuana businesses.
The Secure and Fair Enforcement Banking (SAFE) Act is intended to ease the cannabis industry’s access to financial services, which have been difficult to obtain for some businesses in the sector under ongoing federal prohibition.
Led by in the Senate Sen. Jeff Merkley (D-OR) and cosponsored by Sens. Lisa Murkowski (R-AK), Elizabeth Warren (D-MA) and Steve Daines (R-MT), the newly refiled measure comes days ahead of the start of a hearing on the Trump administration’s move to reschedule marijuana under federal law.
“Legal cannabis businesses operating in all-cash is dangerous for our communities—encouraging criminal activity like robberies, money laundering, and organized crime. It’s past time we ensure legal businesses can access the financial services they need to help keep their employees, their businesses, and their communities safe,” Merkley said in a press release. “The SAFE Banking Act is a common-sense, bipartisan solution, and I’ll keep working with both Republicans and Democrats to advance this reform.”
Earlier iterations of the banking legislation have been introduced in past sessions of Congress, and while versions have been approved by the House of Representatives on several occasions, the reform has never been enacted into law.
In the House of Representatives, the refiled bill is being led by Rep. Dave Joyce (R-OH), along with Reps. Jim Himes (D-CT), Warren Davidson (R-OH), Nydia Velázquez (D-NY), Brian Mast (R-FL), Lou Correa (D-CA), Guy Reschenthaler (R-PA) and Dina Titus (D-NV).
“State-licensed cannabis businesses employ thousands of Americans and generate significant tax revenue, yet many remain effectively shut out of the traditional banking system,” Joyce, who serves as a co-chair of the Congressional Cannabis Caucus, said in a press release. “Forcing businesses to operate in cash not only hinders economic growth, but it also opens the doors for illegal activity like money laundering and organized crime.”
“This legislation would provide access to capital and the necessary financial services to operate a successful business and keep communities safe,” he said. “By introducing the SAFE Banking Act, Congress is showing its commitment to supporting small businesses and implementing commonsense cannabis policies that respect states’ rights to regulate the industry.”
The Senate Banking Committee approved a cannabis banking measure in 2023 but it was not subsequently taken up on the floor and died at the end of the 118th Congress.
Bipartisan Lawmakers File Marijuana Banking Bill As Trump’s Rescheduling Move Advances
