US Senate Majority Leader Circulates Petition in Support of Marijuana Banking Bill (SAFER Banking Act)

United States Senate Majority Leader Chuck Schumer (D-NY) is circulating a petition requesting people “Sign On” to “Support the SAFER Banking Act!”

“Can you imagine running a business without being able to deposit your money anywhere?”, begins the petition. “That’s the reality for law-abiding marijuana businesses across the country. In states where marijuana is legal, these businesses have extremely limited access to basic banking services like deposits or lines of credit. They’re forced to keep massive amounts of cash on hand — a danger for everyone involved.”

The petition then says “That’s why Chuck is championing the Secure and Fair Enforcement Regulation (SAFER) Banking Act. Sign your name in support.”

The SAFER Banking Act, filed in September, is sponsored by 36% of the entire US Senate. The measure was passed through the Committee on Banking, Housing and Urban Affairs with bipartisan support the same month it was filed. 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.

Just yesterday US Treasury Secretary Janet Yellen said that it would be “desirable” for the federal government to pass marijuana banking legislation, calling the current situation a “problem”.

In the House of Representatives, the SAFE Banking Act (filed in April) has 107 sponsors, the most of any marijuana-related legislation.

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.

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.”

Thank you for reading The Marijuana Herald! You can sign up for our weekly newsletter at the form below, and you can find more news stories by clicking here.