As we come closer to long-awaited movement on the cannabis banking bill, set for a Senate committee markup on September 27, Senators are circulating a revised bill with an updated title and several new provisions related to federal financial regulations, guidance and reporting requirements.
New Title
The title of the measure is being extended by one word: The bill is now being called the Secure and Fair Enforcement Regulation (SAFER) Banking Act.
The summary, first reported by Politico, offers a first look at the types of compromises senators appear to have made in order to garner bipartisan support. Several new provisions have to do with a component of the reform that Republicans have strongly favored and certain Democrats opposed over concerns it could undermine broader banking regulations. See the revised banking bill below, provided by Politico's Natalie Fertig.
Senate Majority Leader Schumer Will Fast-Track Bill After Committee Vote
“We have worked hard to get a common-sense agreement that allows legal cannabis businesses across America access to financial services while protecting the capacity of federal regulators to stop bad actors,” Senate Majority Leader Chuck Schumer (D-NY) said in a statement shared with Marijuana Moment on Tuesday. “This legislation will improve public safety, protect small businesses, and finally achieve action on cannabis reform. I intend to bring this legislation to the floor with all due speed.”
Marijuana Moment noted that the section-by-section summary essentially aligns with the original Secure and Fair Enforcement (SAFE) Banking Act.
The SAFE Banking Act seeks to provide federally regulated banks and credit unions legal cover to accept cannabis dispensaries and growers as customers. Up to now, financial institutions have been reluctant to serve state-legal cannabis businesses because of the ongoing federal ban on cannabis.
Read the newly revised bill below:
Read more at Politico
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