Legislation in the US House of Representatives to allow marijuana banking has nearly 100 sponsors.
H.R. 2891, the SAFE Banking Act of 2023, was filed in the House of Representatives in April with eight sponsors. Despite an updated version of the bill – the SAFER Banking Act – advancing in the Senate, the original SAFE Banking Act continues to garner new sponsors.
Just last month Representatives Mikie Sherrill (D-NJ), Shri Thanedar (D-MI) and Max Miller (R-OH) signed on as cosponsors to the bill, the most recent on November 29.
With these new cosponsors the legislation is now sponsored by 74 Democrats and 22 Republicans, representing 22% of the entire House of Representatives.
The SAFE Banking Act provides protections for federally regulated financial institutions that provide services to marijuana stores that are legal under their state’s laws.
The Senate version of the bill is now sponsored by 34% of the entire Senate. In September it was passed through the Senate Committee on Banking, Housing and Urban Affairs with bipartisan support. Following the vote Senate Majority Leader Chuck Schumer vowed to put the measure to a vote of the full Senate “very soon”, with him saying last month that the chamber was “getting close“.
According to polling released in October, “by greater than a 2-to-1 margin (55% support vs 23% oppose) U.S. adults support Congress passing legislation that allows cannabis businesses to access banking services.”
