The push for federal legislation to enable marijuana banking has gained substantial momentum, now boasting a combined total of 165 bipartisan sponsors across both chambers of Congress.
In the House of Representatives, the SAFE Banking Act (H.R. 2891) has 128 sponsors, comprising 101 Democrats and 27 Republicans, making it the most supported marijuana-related bill in Congress. The bill aims to provide explicit federal protections for banks and credit unions that offer financial services to state-legal marijuana businesses. These businesses include medical marijuana dispensaries in 38 states and recreational marijuana stores in 23 states.
On the Senate side, the SAFER Banking Act (S.2860) now has 37 sponsors following Senator Lisa Murkowski’s (R-AK) recent endorsement. Murkowski, the fifth Republican to back the bill, became the 37th sponsor. This measure similarly aims to shield financial institutions from federal penalties when servicing state-legal marijuana enterprises. The Senate Banking Committee approved the SAFER Banking Act with bipartisan support in September, shortly after it was introduced. Senate Majority Leader Chuck Schumer has committed to bringing the measure to a full Senate vote soon, though no specific date has been set.
The passage of these bills would not only provide banking security but also allow state-legal marijuana businesses to take standard IRS tax deductions, a significant shift from current restrictions.
Public opinion strongly favors these legislative efforts. Surveys indicate that 63% of Americans support Congressional action to grant cannabis businesses access to essential financial services in states where cannabis is legally recognized, with only 17% opposed.
The SAFE and SAFER Banking Acts also enjoy backing from influential groups, including the National Conference of State Legislatures and a bipartisan coalition of 22 attorneys general.
