Bipartisan SAFE Banking Act reintroduced in House, Senate

A bipartisan group of federal lawmakers reintroduced the Secure and Fair Enforcement (SAFE) Banking Act in the U.S. House and Senate Wednesday. Originating sponsors include Sens. Jeff Merkley, D-Ore., and Steve Daines, R-Mont., and Reps. Dave Joyce, R-Ohio, and Earl Blumenauer, D-Ore. The bills would provide protections for financial institutions serving cannabis-based businesses where it is legal.

“This legislation provides safe, mainstream options for state-legalized businesses to conduct their financial needs,” said CUNA President/CEO Jim Nussle. “We appreciate Senators Merkley and Daines, and Representatives Joyce and Blumenauer, for introducing this bipartisan legislation in both chambers, and will work to advance the bills this Congress.”

“We appreciate the steadfast leadership and long-time support of Sen. Merkley and Rep. Blumenauer as they work together to advance legislation that will allow financial institutions to serve legal cannabis businesses,” said Troy Stang, president/CEO of GoWest Credit Union Association. “We greatly appreciate the many members of Congress in the GoWest delegation who have co-sponsored and worked diligently to promote SAFE Banking, as this is a critical public safety issue for our communities, and this is common sense legislation.”

“We are pleased to have Sen. Daines spearhead efforts to develop the regulatory framework that will provide financial services to legal cannabis-related businesses,” said Tracie Kenyon, President and CEO of Montana’s Credit Unions. “The SAFE Act not only provides a way for these businesses to conduct transactions, but also provides a vital safety net for employees by providing a secure place for cash and payroll deposits.”


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