31 US Senators Now Sponsoring Federal Marijuana Banking Act

Just two days after we reported that the SAFER Banking Act was sponsored by 26% of the entire US Senate, the measure has gained five additional sponsors.

Recently the Senate Committee on Banking, Housing and Urban Affairs passed the SAFER Banking Act (S.2860), with Senate Majority Leader Chuck Schumer vowing to put it to a vote of the full Senate “very soon”. The measure is now sponsored by 31% of the entire United States Senate.

The five new sponsors that signed on this week are Senators Cristopher Coons (DE), Tim Kaine (VA), John Hickenlooper (CO), Ben Lujan (NM) and Debbie Stabenow (MI).

The SAFER Banking Act would provide legal protections for financial institutions (including banks and credit unions) that provide financial services (including bank loans) to marijuana businesses that are legal under their state’s law.

Speaking on the SAFER Banking Act, Senator Schumer says that it “allows cannabis businesses that have traditionally operated in cash to finally have the opportunity to accept credit and debit cards, allowing them to grow their businesses, pay their employees, protect their customers and ensure public safety.”

Schumers says that “for too long, the federal government has continued to punish marijuana users and business owners.”

Recently the CEO of the National Conference of State Legislatures (NCSL) sent a letter to Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell urging them to pass the bill into law. A bipartisan group of 22 attorneys general sent a similar letter to congressional leaders.


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