Federal Legislation to Establish Marijuana Banking Protections Sponsored by Lawmakers From 41 States

Federal legislation in the US House of Representatives and Senate is now sponsored by lawmakers from 41 different states.

(Photo credit: GETTY Images).

In the House, the SAFE (Secure and Fair Enforcement) Banking Act has 124 bipartisan sponsors, more than any other marijuana bill in the US Congress. In the Senate, the SAFER (Secure and Fair Enforcement Regulation) Banking Act has 36 sponsors, also with bipartisan support. The combined 160 sponsors represent 41 states, or 82% of the entire country.

The SAFE and SAFER Banking Acts would both provide explicit legal protections for financial institutions that offer services to marijuana-related businesses that are legal under state law, aiming to mitigate the risks associated with the industry’s reliance on cash. Both measures would also allow marijuana businesses to take standard IRS tax deductions.

The SAFER Banking Act builds on the language of the SAFE Banking Act by incorporating additional regulatory frameworks, enhancing transparency, and ensuring more comprehensive compliance measures for these financial transactions.

Below are the states with representatives sponsoring these measures:

  • Alabama
  • Alaska
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Illinois
  • Indiana
  • Iowa
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Texas
  • Vermont
  • Virginia
  • Washington
  • Wisconsin
  • Wyoming
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