The SAFE Banking Act has gained two new cosponsors in the U.S. House of Representatives, bringing the combined number of lawmakers sponsoring or cosponsoring the House and Senate versions of the marijuana banking legislation to 18.
Representatives Troy Carter (D-LA) and Mike Rogers (R-AL) signed onto H.R. 9471 on August 20, according to congressional records. Their additions bring the House bill to nine cosponsors, along with sponsor Representative David Joyce (R-OH).
The House legislation was introduced in June with seven original cosponsors: Representatives James Himes (D-CT), Warren Davidson (R-OH), Nydia Velázquez (D-NY), Brian Mast (R-FL), J. Luis Correa (D-CA), Guy Reschenthaler (R-PA) and Dina Titus (D-NV).
With Carter and Rogers joining the bill, the House version now has the backing of five Democrats and five Republicans when Joyce is included, maintaining an even bipartisan split.
The Senate version, S. 4942, was introduced by Senator Jeff Merkley (D-OR) and currently has seven cosponsors. They are Senators Lisa Murkowski (R-AK), Elizabeth Warren (D-MA), Steve Daines (R-MT), Dan Sullivan (R-AK), Catherine Cortez Masto (D-NV), Kevin Cramer (R-ND) and Patty Murray (D-WA).
That gives the Senate measure support from eight senators and brings combined support for the two bills to 18 lawmakers.
The SAFE Banking Act would provide federal protections to banks, credit unions and other financial institutions that provide services to state-legal marijuana businesses. The legislation is intended to reduce the legal and regulatory risks financial institutions currently face when working with marijuana companies operating in compliance with state law.
Versions of marijuana banking legislation have advanced through the House multiple times in previous sessions but have yet to receive final approval from Congress.