Politiparty
Politiparty
LeaderboardCongressBills

118th Congress Finance and Financial Sector

S. 2860: SAFER Banking Act

ReportedSep 28, 2023

  1. Introduced (completed)Sep 20, 2023
  2. Passed Senate (not reached)
  3. Passed House (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Reported to Senate, Sep 28, 2023

This bill provides protections for federally regulated financial institutions that serve state-sanctioned marijuana businesses. Currently, many financial institutions do not provide services to state-sanctioned marijuana businesses due to the federal classification of marijuana as a Schedule I controlled substance.

Under the bill, a federal banking regulator may not penalize a depository institution for providing banking services to a state-sanctioned marijuana business. For example, regulators may not terminate or limit the deposit or share insurance of a depository institution solely because the institution provides financial services to a state-sanctioned marijuana business.

The bill also prohibits a federal banking regulator from requesting or requiring a depository institution to terminate a deposit account unless (1) there is a valid reason, such as the regulator has cause to believe that the depository institution is engaging in an unsafe or unsound practice; and (2) reputational risk is not the dispositive factor.

Read the full summary

Additionally, proceeds from a transaction conducted by a state-sanctioned marijuana business are no longer considered proceeds from unlawful activity. (Financial institutions that handle proceeds from unlawful activity are subject to anti-money laundering laws. Violators of these laws are subject to fines and imprisonment.)

Furthermore, a financial institution, insurer, or federal agency may not be held liable or subject to asset forfeiture under federal law for providing a loan, mortgage, or other financial service to a state-sanctioned marijuana business.

Written by the Congressional Research Service, Library of Congress.

Roll calls

0 votes on this bill

No roll call votes have been held on this bill.

Amendments

0 offered

No amendments were offered to this bill.

Cosponsors

36

Bipartisan support.

Who scored on this bill

32 points earned
  1. 1Jeff Merkley D-OR SponsorDrew cross-party cosponsors, introduced, reported, reached a cosponsor milestone4 events+32
See all scorers and every scoring event

Introductions and cosponsorships count toward weekly caps and show no points.

Other bills by Jeff Merkley

History

  1. Sep 20, 2023Introduced in the Senate by Jeff Merkley.
Show the full action history (6 actions)
  1. Dec 6, 2023Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-496.
  2. Sep 28, 2023Committee on Banking, Housing, and Urban Affairs. Reported by Senator Brown with amendments. Without written report.
  3. Sep 28, 2023Placed on Senate Legislative Calendar under General Orders. Calendar No. 215.
  4. Sep 27, 2023Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with amendments favorably.
  5. Sep 20, 2023Introduced in Senate
  6. Sep 20, 2023Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.