Tag: SAFER Banking Act

A bill to give the regulated marijuana industry access to basic banking services was amended before being approved by a Senate legislative panel last week, with several of the changes designed to appease opposition from Republican lawmakers. The legislation, known as the Secure and Fair Enforcement Regulation (SAFER) Banking Act, was introduced on September 21 and was approved by the Senate Committee on Banking, Housing and Urban Affairs with amendments on Wednesday.

Originally titled the Secure and Fair Enforcement (SAFE) Banking Act, the new version of the bipartisan legislation was introduced by Sen. Steve Daines, a Republican from Montana, and Oregon Democratic Sen. Jeff Merkley. If passed, the legislation would ease access to traditional banking services to cannabis companies operating legally under state or tribal law. Under current federal law, providing such services is strictly regulated, leaving many businesses—particularly small, independent operators—without access to bank accounts, credit card processing and other financial services. As a result, many businesses operate strictly in cash, leaving operators, their customers and staff vulnerable to crime.

The new SAFER Banking Act is the result of months of negotiation between senators over several provisions of the original SAFE Banking Act. Under the measure, federal…