The SAFE Banking Act now has 113 sponsors.
Yesterday Representative Lois Frankel (D-FL) joined the growing list of sponsors for the SAFE Banking Act, a measure to explicitly allow marijuana banking. The measure, introduced in September, has more sponsors than any other marijuana-related bill in US history. In the Senate, the updated SAFER Banking Act has 36 sponsors, with Majority Leader Chuck Schumer saying recently that the chamber will work to pass marijuana banking in the “weeks and months ahead”.
Both the SAFE Banking Act and SAFER Banking Act would make it clear that any bank or financial institution could provide financial services to marijuana businesses that are licensed under state law. Proponents of the measure say this change is vital; under the status quo marijuana stores are forced to operate as a cash-only business, putting them at an increased risk of robberies.
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 SAFE and SAFER Banking Acts has the support of the National Conference of State Legislatures, as well as a bipartisan group of 22 attorneys general.
In September the SAFER Banking Act received approval by the Senate Committee on Banking, Housing and Urban Affairs with bipartisan support.
