The SAFE Banking Act, which already had more sponsors than any marijuana-related bill in US history, just gained another.
Congressmember Deborah Ross (D-NC) yesterday became the 114th sponsor of the SAFE Banking Act, a measure to allow banks and other financial institutions such as credit unions to provide banking services to marijuana businesses that are legally licensed under their state’s laws. This would include the recreational marijuana businesses in the 23 states that allow them, as well as medical marijuana businesses in the 38 legal marijuana states.
The SAFER Banking Act, the Senate version of the bill, has 36 sponsors. Senate Majority Leader Chuck Schumer said recently that the chamber will work to pass marijuana banking in the “weeks and months ahead”.
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, but it has yet to receive a vote by the full Senate.
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