SAFE Banking Act Clears House; Future in Senate Uncertain
On Tuesday, Sept. 21, the House of Representatives passed, by voice vote, an amendment adding the Secure and Fair Enforcement (SAFE) Banking Act to the National Defense Authorization Act (NDAA).
The measure, which shields banks that service state-legal cannabis businesses from federal regulators’ penalties, has been introduced in every Congress since 2013 by Rep. Ed Perlmutter (D-CO) and has passed the House five times.
Cannabis’s classification as a Schedule 1 drug has made several banks reluctant to service marijuana-related businesses, forcing many to deal primarily in cash and making them targets of theft, assaults, and robberies, cannabis advocates have said.
This wouldn’t be the first time lawmakers have tried attaching SAFE Banking to larger measures. House Democrats tried to fold it into two COVID-19 relief bills this year, but the language was not included in the bill President Joe Biden signed in March.
Learn more about the potential future of the bill in this article on BankingDive.com.
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