Senate Takes Long-Awaited Step Toward Cannabis Banking Reform
WASHINGTON – The cannabis-friendly Secure and Fair Enforcement Regulation (SAFER) Banking Act is on its way to a floor vote in the Senate after the chamber’s banking committee passed the bipartisan legislation. The 14-9 vote represented the first time the Senate has addressed banking reform. The SAFER Act closely resembles similar legislation, the Secure and Fair Enforcement (SAFE) Act , that has passed the House with bipartisan support seven times. Both bills would provide “safe harbor” protections to financial institutions that serve state-legal cannabis businesses. Removing the threat of federal regulatory action might encourage banks, savings and loans, and other institutions not only to provide basic banking services to industry businesses but also issue loans and offer other financial instruments. “Regardless of how you feel about states’ efforts to legalize marijuana, this bipartisan bill is necessary,” said Senate Banking Committee Chairman Sherrod Brown (D-OH). “It will ma...