The Montana House of Representatives gave approval today to a resolution urging the federal government to enact the SAFER Banking Act, advancing it through its second reading with one final vote remaining for full passage.
Senate Joint Resolution 5, which received Senate approval last month in a 35 to 14 vote, was given overwhelming approval today by the full House, by a vote of 60 to 40. It now awaits a third and final reading before being officially adopted.
The resolution calls on Congress to pass the Secure and Fair Enforcement Regulation (SAFER) Banking Act, a federal proposal that would allow financial institutions to lawfully serve state-licensed marijuana businesses. This would include providing basic banking services such as checking accounts, debit card processing, and access to loans. It would also allow marijuana businesses to take standard IRS deductions currently unavailable due to federal prohibition.
Despite bipartisan approval in the Senate Banking Committee in 2023, the SAFER Banking Act has yet to receive a full Senate vote. A related measure, the SAFE Banking Act, has been approved several times by the U.S. House. A new version of the bill is anticipated to be filed in the coming weeks.
Montana’s U.S. Senators, Jon Tester (D) and Steve Daines (R), are both listed as co-sponsors of the SAFER Banking Act.
If approved on its third reading, SJR 5 will be enacted without requiring the governor’s signature.
