A bipartisan group of senators has introduced a revised bill known as the Secure and Fair Enforcement Regulation (SAFER) Banking Act, aimed at providing state-legal cannabis companies with access to banking services. Sponsored by Democratic Senator Jeff Merkley of Oregon and Republican Senator Steve Daines of Montana, this legislation is a reworked version of the Secure and Fair Enforcement (SAFE) Banking Act, which has been passed by the House of Representatives seven times.
Under current federal law, cannabis businesses, especially smaller independent operators, face strict regulations that limit their access to banking services, forcing them to operate largely in cash. This cash-intensive approach leaves operators, customers, and staff vulnerable to crime.
The introduction of this revised cannabis banking bill comes shortly after the Biden administration recommended that marijuana be reclassified under federal drug laws. Additionally, congressional researchers reported that the Drug Enforcement Administration (DEA) is likely to follow this recommendation by rescheduling marijuana from Schedule I to Schedule III of the Controlled Substances Act.
A group of senators, including the bill’s sponsors and co-sponsors such as Senate Majority Leader Chuck Schumer, Arizona Senator Kyrsten Sinema, and Wyoming Senator Cynthia Lummis, released a statement in support of the legislation. They mentioned that the bill is scheduled for a Senate committee markup hearing to be held next week and highlighted the importance of providing legal cannabis businesses access to traditional financial institutions, enhancing safety and enabling small business loans. The bill also discourages banks and credit unions from denying services to cannabis companies based on personal beliefs or political motivations.
The revised bill addresses various aspects, including the development of uniform guidance for regulators, protection for employees of state-legal cannabis businesses applying for residential mortgages funded by federal programs, and a directive to the U.S. Treasury’s Financial Crimes Enforcement Network to amend previous guidance on cannabis banking services. While financial institutions would not be obligated to offer services to cannabis companies, the bill seeks to create a more favorable environment for such services.
The introduction of the SAFER Banking Act reflects ongoing efforts to address the challenges faced by the cannabis industry in accessing banking services and could have significant implications for the industry’s financial operations and safety measures. However, not all industry insiders are in unanimous support of the bill, with some pointing out that challenges related to the Bank Secrecy Act still need to be addressed to fully resolve cash-intensive issues within the cannabis industry.
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