Senator Catherine Cortez Masto (D-NV) used a Senate Banking Subcommittee hearing on Tuesday to reiterate that passing the SAFER Banking Act remains one of her top legislative priorities, saying she hopes it can “finally pass it into law in the new year.”
Speaking during a hearing of the Subcommittee on Financial Institutions and Consumer Protection focused on fair access to banking, Cortez Masto said that enacting the SAFER Banking Act is essential to ensuring that marijuana businesses operating legally in 40 states and Washington, D.C. are able to access basic financial services. She identified the bill as one of her three primary policy priorities, placing it alongside broader financial and consumer protection goals discussed during the hearing.
Cortez Masto emphasized that the lack of banking access has forced many marijuana businesses to operate primarily in cash, creating safety concerns for employees and communities while also complicating compliance for regulators.
“I hope we bring the SAFER banking Act to this committee again and finally pass it into law in the new year”, said Cortez Masto.
The Nevada senator also made clear that changes to federal drug policy alone would not resolve the problem. Even if President Trump moves forward with rescheduling marijuana, she said, that step would not address the ongoing banking restrictions that limit access to loans, payment processing, and other basic services. According to Cortez Masto, those limitations continue to harm marijuana growers and retailers in Nevada and across the country, despite their compliance with state law.
Her comments came amid renewed attention to marijuana banking reform on Capitol Hill, as lawmakers from both parties revisit the issue during hearings examining gaps in financial access for legal but federally constrained industries.
