US House: Federal Marijuana Banking Act Gains Three New Sponsors, Now Has 107

The SAFE Banking Act, which already had more sponsors than any marijuana-related bill in the United States Congress, has garnered three new sponsors.

Yesterday Congressmembers Jamaal Bowman (D-NY), Chrissy D Houslahan (D-PA) and Gwen D Moore (D-WI) signed on as cosponsors to the SAFE Banking Act. The measure now has 107 sponsors, representing 24.5% of the entire House. An updated Senate version of the bill, the SAFER Banking Act, has 36 sponsors.

Both the SAFE and SAFER Banking Acts would allow banks and other financial institutions (credit unions, for example) to provide banking services to state-legal marijuana businesses. This included debit and credit card services and access to business loans. The SAFE Banking Act was filed in April, while the SAFER Banking Act was filed in September.

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 in October, by greater than a 2-to-1 margin “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.

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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