SB2860: SAFER Banking Act Secure And Fair Enforcement Regulation Banking Act
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
A bill to create protections for financial institutions that provide financial services to State-sanctioned marijuana businesses and service providers for such businesses, and for other purposes.
Plain-language summary
The SAFER Banking Act creates legal protections for banks and financial institutions that provide banking services to marijuana businesses in states where marijuana is legal. Currently, federal law treats marijuana as an illegal drug, which makes many banks reluctant to serve cannabis businesses due to legal risks. This bill would protect banks from federal penalties when they work with state-approved marijuana companies. The bill is in the introduction stage and has bipartisan support from 38 senators.
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SB2860: SAFER Banking Act Secure And Fair Enforcement Regulation Banking Act
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Sponsors
Jeff Merkley
Primary SponsorCo-sponsors (36)
Steve Daines
Charles Schumer
Kyrsten Sinema
Cynthia Lummis
Kevin Cramer