WASHINGTON — A bipartisan group of U.S. senators has reintroduced legislation that would protect financial institutions from federal penalties for serving state-legal marijuana businesses.
The Secure and Fair Enforcement (SAFE) Banking Act would prohibit federal banking regulators from penalizing or discouraging banks and credit unions from providing financial services to legitimate cannabis-related businesses operating in states where marijuana is legal.
According to Marijuana Moment, the legislation is being led by Sen. Jeff Merkley, (D-OR) and is cosponsored by Sens. Lisa Murkowski (R-AK), Elizabeth Warren (D-MA) and Steve Daines (R-MT).
The measure was reintroduced days before a scheduled hearing on the Trump administration’s proposal to reschedule marijuana under federal law, Marijuana Moment reported.
What Bill Would Do
If enacted, the bill would address one of the cannabis industry’s longstanding challenges by expanding access to banking services, an issue of concern to credit unions as well, which have been reluctant to serve such businesses because marijuana remains illegal under federal law.
As the CU Daily has reported, previous versions of the SAFE Banking Act have been introduced repeatedly over the past several sessions of Congress. The House of Representatives approved versions of the legislation multiple times, but the measure has never been enacted.
The Senate Banking Committee approved a cannabis banking bill in 2023. However, Marijuana Moment noted that the legislation was never brought before the full Senate for a vote and expired at the close of the 118th Congress.
