CBO Estimates SAFE Act Would Save Government Money

The Congressional Budget Office on Friday released its cost estimate for H.R. 1595, the ABA-backed SAFE Banking Act that would allow banks to serve legitimate cannabis businesses in states that have legalized the drug. According to the CBO, the bill would save the federal government $4 million over a ten-year period.

With cannabis now legal in 33 states covering 68 percent of the nation’s population, ABA continues to urge congressional action to address the barriers financial institutions face in serving cannabis-related customers. The SAFE Banking Act is currently awaiting a vote by the full House, while an identical companion bill is awaiting action in the Senate.