A resolution urging the federal government to approve marijuana banking legislation has been approved by the Montana’s Senate Business, Labor, and Economic Affairs Committee.
Senate Joint Resolution 5 was approved by the committee today by a vote of 9 to 2, indicating strong bipartisan support.
The resolution urges federal lawmakers to pass the SAFER Banking Act, which would allow banks and other financial institutions to serve state-legal marijuana businesses, enabling these businesses to move away from a risky cash-only model. The measure would also grant them access to banking services such as lines of credit and allow them to claim standard IRS tax deductions.
While the U.S. House of Representatives has approved versions of the SAFER Banking Act multiple times, the Senate Banking Committee advanced the bill with bipartisan support in September 2023. However, it has never been brought to a vote by the full Senate.
Montana’s U.S. Senators, Steve Daines and Jon Tester, are both sponsors of the SAFER Banking Act.
The full text of the resolution can be found by clicking here.
