Montana’s full Senate has given overwhelming approval to a resolution urging the federal government to enact the SAFER Banking Act into law.
The Senate approved Senate Joint Resolution 5 today through its second reading by a vote of 41 to 9. A third and final reading is expected to occur soon.
The resolution urges the federal government to enact the SAFER Banking Act, a proposal to allow banks and other financial institutions such as credit unions to provide financial services to state-legal marijuana businesses, enabling these businesses to move away from a dangerous cash-only model that leaves them susceptible to robberies. The SAFER Banking Act would also allow marijuana businesses to claim standard IRS tax deductions.
The SAFE Banking Act, a House version of the bill, has been approved multiple times by the full U.S. House of Representatives, and the SAFER Banking Act was approved by the Senate Banking Committee in September 2023 with bipartisan support. However, the measure has never received a vote by the full Senate.
Montana’s U.S. Senators, Steve Daines and Jon Tester, are both sponsors of the SAFER Banking Act.
The full text of the resolution can be found by clicking here.
