ABA-advocated SAFE Banking Act introduced in House, Senate

A bipartisan group of lawmakers today reintroduced the SAFE Banking Act, an American Bankers Association-championed bill that would address the conflict between state law and federal law over cannabis banking. The bill—which has passed the House in several prior Congresses—was introduced by Sens. Jeff Merkley (D-Ore.) and Steve Daines (R-Mont.) and Reps. Dave Joyce (R-Ohio) and Earl Blumenauer (D-Ore.).

ABA President and CEO Rob Nichols welcomed the “urgently needed” bill’s reintroduction, noting that it “would resolve the ongoing conflict between state and federal law so that banks can serve state-authorized cannabis and cannabis-related businesses. The SAFE Banking Act would also enhance public safety, tax collection and financial transparency, and national surveys show a strong majority of Americans support this bill. We urge Congress to consider this legislation without delay.”