Sen. Menendez Statement on Bipartisan SAFER Banking Act
WASHINGTON, D.C. – U.S. Bob Menendez (D-N.J.) issued the following statement on the bipartisan Secure and Fair Enforcement Regulation (SAFER) Banking Act:
“I am glad we finally reached a compromise to solve the public safety threat faced by cannabis businesses operating exclusively in cash and the communities in which they operate. For far too long, the status quo has made these businesses easy targets for criminals – threatening public safety and making it harder for states to regulate. This deal will empower small business owners by granting them the ability to access the banking system, and will strengthen communities in New Jersey and across the nation. I’m also particularly proud that the new legislation includes my CLAIM Act, which will allow state-legal cannabis businesses to purchase affordable and comprehensive insurance coverage to protect their customers, employees, and property. I look forward to working with my colleagues on both sides of the aisle to ensure Congress passes this legislation and President Biden signs it into law.”
Cosponsors of the bill include Senators Bob Menendez (D-N.J.), Cory Booker (D-N.J.), Chuck Schumer (D-N.Y.), Jeff Merkley (D-Ore.), Steve Daines (R-Mont.), Kyrsten Sinema (I-Ariz.), Cynthia Lummis (R-Wyo.) and Dan Sullivan (R-Alaska). The text of the legislation can be viewed HERE, and a section-by-section summary can be viewed HERE.