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Schumer, Merkley, Daines, Sinema, Lummis Announce SAFER Banking Act

Washington, D.C. – Today, Senate Majority Leader Chuck Schumer (D-NY) alongside Senators Jeff Merkley (D-OR), Steve Daines (R-MT), Kyrsten Sinema (I-AZ) and Cynthia Lummis (R-WY) released the following statement on the bipartisan Secure and Fair Enforcement Regulation (SAFER) Banking Act:

“We are pleased to introduce the Secure and Fair Enforcement Regulation (SAFER) Banking Act. This legislation will help make our communities and small businesses safer by giving legal cannabis businesses access to traditional financial institutions, including bank accounts and small business loans. It also prevents federal bank regulators from ordering a bank or credit union to close an account based on reputational risk. We look forward to the markup of this bill in the Senate Committee on Banking, Housing and Urban Affairs on September 27th,” said the senators.

Senators Merkley and Daines released a previous version of this legislation earlier this year. Cosponsors of the bill include Senators Chuck Schumer (D-NY), Jeff Merkley (D-OR), Steve Daines (R-MT), Kyrsten Sinema (I-AZ), Cynthia Lummis (R-WY), Kevin Cramer (R-ND), Cory Booker (D-NJ), Dan Sullivan (R-AK), and Bob Menendez (D-NJ). The text of the legislation can be viewed here, and a section-by-section summary can be viewed here.