Federal Legislation to Allow Marijuana Banking Gains 99th Sponsor in US House

The SAFE Banking Act gained its 99th sponsor yesterday in the United States House of Representatives.

The SAFE Banking Act would provide federal protections to banks and other financial services such as credit unions that provide services to marijuana businesses that are legal under their state’s law. This includes debit card services, businesses loans and other banking services.

The proposal was filed in April with eight cosponsors. Yesterday, Representative Derrick Van Orden (R-WI) became the 99th person to sponsor the bill, and the 91st since its filing.

An updated Senate version of the bill, called the SAFER Banking Act, currently has 35 sponsors, representing 35% 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.”

Recent federal disclosures show that in the final quarter of 2023, PayPal lobbied heavily in favor of the SAFE Banking Act.

According to an analysis by GovTrack.us, the SAFER Banking Act has a 68% chance of being passed in the Senate and House, and signed into law by President Biden.

The SAFER Banking Act has the support of the National Conference of State Legislatures, as well as a bipartisan group of 22 attorneys general. It’s also supported by a majority of US adults.

For a look at the federal marijuana bills most likely to be passed by the US House and Senate this year, including the SAFER Banking Act, click here.

Below is the full list of lawmakers sponsoring the SAFE Banking Act:

  • David Joyce [R-OH14]
  • Earl Blumenauer [D-OR3]
  • Lori Chavez-DeRemer [R-OR5]
  • Luis Correa [D-CA46]
  • Warren Davidson [R-OH8]
  • James “Jim” Himes [D-CT4]
  • Barbara Lee [D-CA12]
  • Brian Mast [R-FL21]
  • Guy Reschenthaler [R-PA14]
  • Nydia Velázquez [D-NY7]
  • Mark Amodei [R-NV2]
  • Kelly Armstrong [R-ND]
  • Ed Case [D-HI1]
  • Ruben Gallego [D-AZ3]
  • Tom McClintock [R-CA5]
  • Daniel Meuser [R-PA9]
  • Barry Moore [R-AL2]
  • Jared Moskowitz [D-FL23]
  • Eleanor Norton [D-DC]
  • Elissa Slotkin [D-MI7]
  • Susie Lee [D-NV3]
  • Katie Porter [D-CA47]
  • Dina Titus [D-NV1]
  • Troy Balderson [R-OH12]
  • Valerie Hoyle [D-OR4]
  • Donald Norcross [D-NJ1]
  • Mary Peltola [D-AK]
  • Mike Rogers [R-AL3]
  • Hillary Scholten [D-MI3]
  • Marcus Molinaro [R-NY19]
  • Blaine Luetkemeyer [R-MO3]
  • Garland “Andy” Barr [R-KY6]
  • Nicholas Langworthy [R-NY23]
  • Mariannette Miller-Meeks [R-IA1]
  • Brad Sherman [D-CA32]
  • Colin Allred [D-TX32]
  • Jared Golden [D-ME2]
  • Pramila Jayapal [D-WA7]
  • Dean Phillips [D-MN3]
  • Mike Quigley [D-IL5]
  • Mary Scanlon [D-PA5]
  • Gerald Connolly [D-VA11]
  • Joe Courtney [D-CT2]
  • Bill Foster [D-IL11]
  • Marie Gluesenkamp Perez [D-WA3]
  • James “Jim” McGovern [D-MA2]
  • Mark Pocan [D-WI2]
  • Jennifer Wexton [D-VA10]
  • Suzanne Bonamici [D-OR1]
  • Nicole (Nikki) Budzinski [D-IL13]
  • Salud Carbajal [D-CA24]
  • Sean Casten [D-IL6]
  • Diana DeGette [D-CO1]
  • Derek Kilmer [D-WA6]
  • Seth Magaziner [D-RI2]
  • Joe Neguse [D-CO2]
  • Jimmy Panetta [D-CA19]
  • Nikema Williams [D-GA5]
  • Yadira Caraveo [D-CO8]
  • Jill Tokuda [D-HI2]
  • Emanuel Cleaver [D-MO5]
  • Zoe Lofgren [D-CA18]
  • Rashida Tlaib [D-MI12]
  • Jack Bergman [R-MI1]
  • Greg Stanton [D-AZ4]
  • Adam Smith [D-WA9]
  • Marilyn Strickland [D-WA10]
  • A. Dutch Ruppersberger [D-MD2]
  • Gregory Steube [R-FL17]
  • Danny Davis [D-IL7]
  • Paul Tonko [D-NY20]
  • Angie Craig [D-MN2]
  • Greg Landsman [D-OH1]
  • Yvette Clarke [D-NY9]
  • Carlos Gimenez [R-FL28]
  • Dan Newhouse [R-WA4]
  • Stacey Plaskett [D-VI]
  • Patrick Ryan [D-NY18]
  • Don Bacon [R-NE2]
  • Jennifer McClellan [D-VA4]
  • Eric Sorensen [D-IL17]
  • Frank Mrvan [D-IN1]
  • Chris Pappas [D-NH1]
  • Eric Sorensen [D-IL17]
  • Wiley Nickel [D-NC13]
  • Brittany Pettersen [D-CO7]
  • Andrea Salinas [D-OR6]
  • Suzan DelBene [D-WA1]
  • Becca Balint [D-VT]
  • Lisa Blunt Rochester [D-DE]
  • Jason Crow [D-CO6]
  • Josh Harder [D-CA9]
  • Daniel Kildee [D-MI8]
  • Kim Schrier [D-WA8]
  • Mikie Sherrill [D-NJ11]
  • Shri Thanedar [D-MI13]
  • Max Miller [R-OH7]
  • William Timmons [R-SC4]
  • Derrick Van Orden [R-WI]

Thank you for reading The Marijuana Herald! Sign up for our weekly newsletter using the form below.