A revised bipartisan cannabis banking bill has officially been filed in the Senate, one week before a key committee is scheduled to vote on the legislation. But its prospects in the GOP-controlled House remain uncertain, with a key committee chairman declining to say whether he’d take up the legislation if it crosses over to his chamber.
The renamed Secure and Fair Enforcement Regulation (SAFER) Banking Act, sponsored by Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT), was introduced.
The amended bill is the product of months of negotiations as senators worked to build bipartisan buy-in and get it in passable form. It’s set to receive a markup in the Senate Banking Committee on September 27. After that point, Senate Majority Leader Chuck Schumer (D-NY) said he intends to “bring it to the floor with all due speed.”
In a joint statement shared with Marijuana Moment, Schumer, Merkley, Daines, and Sens. Kyrsten Sinema (I-AZ) and Cynthia Lummis (R-WY) applauded the bill introduction. “This legislation will help make our communities and small businesses safer by giving legal cannabis businesses access to traditional financial institutions, including bank accounts and small business loans,” the senators said. “It also prevents federal bank regulators from ordering a bank or credit union to close an account based on reputational risk.”
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