SAFE Banking Act Gains Two New Sponsors, Bringing Total to 109 (Representing 25% of the Entire US House)

Federal legislation to allow marijuana banking now has 109 sponsors in the US House of Representatives, representing 25% of the entire chamber.

The SAFE Banking Act now has 109 sponsors, with Congressmembers David Trone (D-MD) and Chellie Pingree (D-ME) signing on yesterday as the measure’s newest cosponsors. In the Senate, the SAFER Banking Act, has 36 sponsors, representing 36% of the entire chamber.

Both the SAFE and SAFER Banking Acts would provide explicit federal protections to banks and other financial institutions that provide banking services to marijuana businesses that are legal under their state’s laws.

The proposal would allow banks to provide debit and credit card services to marijuana businesses while also allowing them to access to business loans. This would allow marijuana retail outlets and dispensaries to move away from their current cash-only model.

The same month it was filed the SAFER Banking Act was passed through the Committee on Banking, Housing and Urban Affairs with bipartisan support. Earlier this month Senate Majority Leader Chuck Schumer said it’s a key priority of the Senate to pass the SAFER Banking Act this year.

According to polling released earlier this week, “by a greater than a 3-to-1 margin (63% support vs. 17% oppose) U.S. adults support Congress passing legislation that allows cannabis businesses to access banking services and financial products like checking accounts and business loans in states where cannabis is now legal”.

The SAFER Banking Act has the support of the National Conference of State Legislatures, as well as a bipartisan group of 22 attorneys general.

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