Yesterday, Montana’s Senate passed a resolution urging the federal government to enact the SAFER Banking Act into law through its second reading. Today, it was approved through its third and final reading, officially sending it to the House of Representatives.
The Senate approved Senate Joint Resolution 5 today through its third and final reading, a day after it was passed through its second reading. The measure will now be sent to the Montana House of Representatives. Approval in the House will allow the resolution to be enacted, as resolutions do not require approval from the governor, who also has no power to veto it.
The resolution calls on the federal government to pass the Secure and Fair Enforcement Regulation (SAFER) Banking Act, which would allow banks and credit unions to provide financial services to state-legal marijuana businesses, including debit card services and access to loans. The legislation would also enable marijuana businesses to claim standard IRS tax deductions.
The House version of the bill, known as the SAFE Banking Act, has been approved multiple times by the U.S. House of Representatives, while the SAFER Banking Act cleared the Senate Banking Committee with bipartisan support in September 2023. However, the full Senate has never voted on the measure.
Notably both of Montana’s representatives in the U.S. Senate, Steve Daines and Jon Tester, are both co-sponsors of the SAFER Banking Act.
For the full text of SJR 5, click here.
