Congressmember David P. Joyce (R-OH), who was reelected this week with 64% support, plans to refile the SAFE Banking Act in January, but is holding out hope it could still be approved this year.
In April 2023, Rep. Joyce filed the SAFE (Secure and Fair Enforcement) Banking Act with eight cosponsors. Now, it has 131, more than any other marijuana-related bill in the US Congress. However, the measure is set to expire at the end of the year, as with all other measures filed after January 1 2023.
When asked if Joyce plans to refile SAFE Banking next session (which begins in January), Communications Director Sara Young told us “Yes, we plan to reintroduce if we don’t get it done by the end of the year.”
Young says Rep. Joyce remains confident that the measure has a chance of passing this year during the lame duck session of congress. If not, they’ll refile in January with Republicans in control of congress and the White House.
Last month Senator Elizabeth Warren (D-MA) expressed similar hopes, saying that a vote on the SAFER Banking Act could occur during the lame duck session before the end of the year
The SAFE Banking Act would establish explicit federal protections for banks and credit unions that work with marijuana businesses operating legally under state law. This applies to thousands of dispensaries and retail outlets across the nearly 40 states with medical marijuana programs, as well as the 23 states that allow recreational sales. The bill would also allow these businesses to take standard IRS tax deductions, which they are currently denied.
An updated version in the Senate, the SAFER Banking Act, currently has 37 sponsors. In September 2023, the Senate Banking Committee approved the bill with bipartisan support in a 14 to 9 vote. Following the vote, Senate Majority Leader Chuck Schumer said the full Senate would consider the measure “In the weeks and months ahead”. However, it’s been nearly 14 months and no vote has been scheduled.
Polling shows that 63% of U.S. adults support legislation to provide cannabis businesses access to essential financial services in states where cannabis is legal, with just 17% opposed.
