Legislation to allow marijuana banking is now sponsored by 27% of the entire US Congress.
The SAFE Banking Act, filed in April in the House of Representatives, now has 109 sponsors. An updated Senate version of the bill, called the SAFER Banking Act, has 36 sponsors.
The combined 145 sponsors represents 27% of the entire 535 member United States Congress (100 senators and 435 representatives). Both measures enjoy strong bipartisan support, with the Senate version also sponsored by every independent member of the Senate.
Although they differ slightly in their exact language, both acts would allow banks and other financial institutions to provide banking services (debit and credit card services, bank loans, etc.) to marijuana businesses that are legal under state law.
The SAFE Banking Act has not yet received any committee consideration. However, the SAFER Banking Act was passed through the Committee on Banking, Housing and Urban Affairs with bipartisan support in September, with Senate Majority Leader Chuck Schumer saying earlier this month that it’s a key priority of the Senate to pass the SAFER Banking Act this year.
According to polling released earlier this week, “by a greater than a 3-to-1 margin (63% support vs. 17% oppose) U.S. adults support Congress passing legislation that allows cannabis businesses to access banking services and financial products like checking accounts and business loans in states where cannabis is now legal”.
