An advisor to President Trump tells The Marijuana Herald that the president continues to support federal cannabis banking reform, including newly filed legislation in the U.S. Senate.
The longtime senior advisor said Trump “continues to support cannabis banking, including legislation filed today in the Senate.” The advisor also said Trump plans to publicly back the proposal, likely after the rescheduling hearing process concludes.
The comments come as a bipartisan group of senators has filed legislation to protect banks, credit unions and other financial institutions that provide services to state-legal marijuana businesses.
The Secure and Fair Enforcement Banking Act, commonly known as the SAFE Banking Act, was filed by U.S. Senator Jeff Merkley (D-OR). The measure is cosponsored by Senators Lisa Murkowski (R-AK), Elizabeth Warren (D-MA) and Steve Daines (R-MT).
The bill would prohibit federal regulators from penalizing financial institutions solely for providing services to marijuana businesses that are operating legally under state law. Supporters argue the proposal would improve public safety by reducing the industry’s reliance on cash while giving licensed businesses access to basic financial services.
Despite widespread state-level legalization, marijuana remains federally illegal for most purposes, creating ongoing challenges for banks and credit unions that might otherwise serve the industry.
The advisor’s comments suggest the administration’s support for cannabis banking remains intact as federal marijuana policy continues to shift. The Trump administration has already moved to place certain marijuana products, including state-licensed medical marijuana, in Schedule III of the Controlled Substances Act.
A broader rescheduling hearing is set to begin on June 29, with federal officials considering whether marijuana should be moved from Schedule I to Schedule III more broadly.
