Just one day after the SAFE Banking Act gained its 100th sponsor in the United States House of Representatives, three new lawmakers have joined as cosponsors.
Congressmembers Matthew Carthwright (D-PA), Raja Krishnamoorthi (D-IL) and Joseph Morelle (D-NY) signed on yesterday as cosponsors for the SAFE Banking act, bringing the total number of sponsors to 103. When you take into account the Senate companion bill, the SAFER Banking, the legislation has a total of 138 sponsors in US Congress.
If passed into law, the SAFE/R Banking Acts would explicitly allow banks and other financial institutions (such as credit unions) to provide banking services to state-legal marijuana businesses. This would include allowing banks to offer debate and credit card processing and access to business loans, among other services.
In September the Senate version of the bill was passed through the Committee on Banking, Housing and Urban Affairs with bipartisan support. Following the vote Senate Majority Leader Chuck Schumer vowed to put the measure to a vote of the full Senate “very soon”, with him saying last month that the chamber was “getting close“.
According to polling released in October, “by greater than a 2-to-1 margin (55% support vs 23% oppose) U.S. adults support Congress passing legislation that allows cannabis businesses to access banking services.”
Recent federal disclosures show that in the final quarter of 2023, PayPal lobbied heavily in favor of the SAFE Banking Act.
Below is the full list of lawmakers sponsoring the SAFE Banking Act:
