The SAFE Banking Act now has 131 sponsors in the US House of Representatives.
On October 1, Congressmember Amu Bera (D-CA) became the latest lawmaker to join as a sponsor for the SAFE Banking Act (H.R. 2891). The measure now has 131 bipartisan sponsors, more than any other marijuana-related bill in the U.S. Congress.
The SAFE Banking Act is designed to establish federal protections for banks and credit unions that work with marijuana businesses operating legally under state law. This applies to thousands of dispensaries and retail outlets across the 38 states with medical marijuana programs, as well as the 23 states that allow recreational sales. The bill would also allow these businesses to take standard IRS tax deductions, which they are currently denied.
An updated version in the Senate, the SAFER Banking Act, currently has 37 sponsors. In September 2023, the Senate Banking Committee approved the bill with bipartisan support in a 14 to 9 vote. Senate Majority Leader Chuck Schumer has committed to bringing it to a full Senate vote, with plans to include the HOPE Act to facilitate marijuana expungements, though no date has been set over a year after approval through the Banking Committee.
Polling shows that 63% of U.S. adults support legislation to provide cannabis businesses access to essential financial services in states where cannabis is legal, with just 17% opposed.
