House Advances SAFE Banking Act through China Competitiveness Bill

The House today passed the America Competes Act, a bill aimed at boosting American economic competitiveness against China, which included as an amendment the SAFE Banking Act—an American Bankers Association-supported bill that would enable banks to serve legitimate cannabis businesses in states where it is legal.

Championed by Rep. Ed Perlmutter (D-Colo.), the SAFE Banking Act has been passed in some form by the House six times, but has failed to be successfully taken up by the Senate.