Federal legislation to allow banks to provide financial services to state-legal marijuana businesses is sponsored by lawmakers from 37 different states.
The SAFE Banking Act in the US House of Representatives has 98 sponsors, while the SAFER Banking Act has 35 sponsors in the Senate. Although the SAFER Banking Act is an updated version of the SAFE Banking Act (filed five months later in September) and includes several additional provisions, both measures would allow banks and other financial institutes like credit unions to provide services to marijuana businesses that are legal under their state’s law.
In September the Senate version of the bill received approval by the Senate Committee on Banking, Housing and Urban Affairs, with Senate Majority Leader Chuck Schumer saying November that the full Senate is “getting close” to a vote.
According to an analysis by GovTrack.us, the SAFER Banking Act now 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.
Below are the states with representatives and/or senators sponsoring the SAFE and SAFER Banking Acts:
- Alabama
- Alaska
- Arizona
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Illinois
- Indiana
- Iowa
- Kentucky
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Missouri
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New York
- North Carolina
- North Dakota
- Ohio
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- Texas
- Vermont
- Virginia
- Washington
- Wisconsin
