Support for federal marijuana banking legislation continues to grow, despite no legislative progress being made since the Senate Banking Committee approved the measure last September.
In the US House of Representatives, the SAFE (Secure and Fair Enforcement Banking Act) Banking Act (H.R. 2891) has 129 sponsors, including 102 Democrats and 27 Republicans, making it the most widely supported marijuana-related bill in the US Congress. The legislation would provide clear federal protections for banks and credit unions offering financial services to state-legal marijuana businesses, which include medical marijuana dispensaries in 38 states and recreational marijuana stores in 23 states.
On the Senate side, the SAFER (Secure and Fair Enforcement Regulation Banking Act) Banking Act (S.2860) has gained 37 sponsors following the recent endorsement by Senator Lisa Murkowski (R-AK), the fifth Republican to back the bill.
The SAFER Act builds on the SAFE Act by adding additional provisions to enhance regulatory clarity and expand protections, particularly for smaller financial institutions, while maintaining the core goal of safeguarding banks that serve the cannabis industry.
The Senate Banking Committee approved the SAFER Banking Act with bipartisan support in September. Soon after Senate Majority Leader Chuck Schumer committed to bringing it to a full Senate vote “in the weeks and months ahead”. At the time of publication, nearly 11 months after these comments were made, no date has been set for the Senate to vote on the measure.
The passage of these bills would not only enhance banking security but also allow state-legal marijuana businesses to take standard IRS tax deductions, a significant departure from current limitations.
Public support for these measures is strong, with 63% of Americans favoring Congressional action to grant cannabis businesses access to essential financial services in states where cannabis is legally recognized, and only 17% opposed.
The SAFE and SAFER Banking Acts also have the backing of influential organizations, including the National Conference of State Legislatures and a bipartisan coalition of 22 attorneys general.
