Efforts to pass the SAFE or SAFER Banking Act during the lame duck session of Congress are gaining momentum, though time is running out.
The Secure and Fair Enforcement (SAFE) Banking Act currently has 131 sponsors in the U.S. House of Representatives, more than any other marijuana-related bill in Congress. The updated Secure and Fair Enforcement Regulation (SAFER) Banking Act in the Senate has 36 sponsors and was approved late last year by the Senate Banking Committee with bipartisan support.
Both measures would establish explicit federal protections for banks and credit unions that work with marijuana businesses operating legally under state law. They would also allow state-legal marijuana businesses to take standard IRS tax deductions. With the measures set to expire at the end of the year and a new Congress convening in January, proponents are racing against the clock to secure passage.
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