A bill to allow banks and other financial institutes to work with marijuana businesses now has 26 sponsors, over a quarter of the entire US Senate.
Last week the Senate Committee on Banking, Housing and Urban Affairs passed the SAFER Banking Act (S.2860), with Senate Majority Leader Chuck Schumer vowing soon after to put it to a vote of the full Senate “very soon”.
Since the committee’s approval of the bill, filed by Senator Jeff Merkley, it has gained three additional cosponsors, bringing the total number of sponsors/cosponsors to 26. Also following the committee’s approval of S.2860, a bipartisan coalition of 21 state attorneys general and the attorney general of D.C. sent a letter to congressional leaders urging them to pass the SAFER Banking Act.
If passed into law, the SAFER Banking Act would provide legal protections for financial institutions (including banks and credit unions) that are interested in providing financial services 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.” He 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.
Below are the senators cosponsoring the SAFER Banking Act:
- Sen. Steve Daines [R-MT]
- Sen. Charles Schumer [D-NY]
- Sen. Kyrsten Sinema [I-AZ]
- Sen. Cynthia Lummis [R-WY]
- Sen. Kevin Cramer [R-ND]
- Sen. Cory Booker [D-NJ]
- Sen. Dan Sullivan [R-AK]
- Sen. Robert Menendez [D-NJ]
- Sen. Angus King [I-ME]
- Sen. Ron Wyden [D-OR]
- Sen. Jacky Rosen [D-NV]
- Sen. John Fetterman [D-PA]
- Sen. Elizabeth Warren [D-MA]
- Sen. Jon Tester [D-MT]
- Sen. Catherine Cortez Masto [D-NV]
- Sen. Tammy Duckworth [D-IL]
- Sen. Tina Smith [D-MN]
- Sen. Mark Kelly [D-AZ]
- Sen. Amy Klobuchar [D-MN]
- Sen. Kirsten Gillibrand [D-NY]
- Sen. Patty Murray [D-WA]
- Sen. Mazie Hirono [D-HI]
- Sen. Martin Heinrich [D-NM]
- Sen. Gary Peters [D-MI]
- Sen. Michael Bennet [D-CO]
