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SAFE Banking Act of 2023

S. 1323 Sen. Jeff Merkley (D-OR) In committee
Bill text PDF
  1. Introduced Apr 26
  2. Committee Apr 26
  3. Passed Senate Next
  4. Passed House Not yet
  5. To President Not yet
  6. Law Not yet
Where it stands
In committee, Apr 26, 2023Next: Senate vote
1266d ago May 11, 2023: Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-541.
Final votes
No roll callsNo recorded vote on this bill yet
Lobbying
2companies, 2 filings
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Companies lobbying on this bill

2 companies
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Biotech & Pharma 1Financials 1
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Summary

Secure and Fair Enforcement Banking Act of 2023 or the SAFE Banking Act of 2023

Full summary5 paragraphs

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 ordering a depository institution to terminate a customer account unless (1) the regulator has determined that the depository institution is engaging in an unsafe or unsound practice or is violating a law or regulation, and (2) that determination is not based primarily on reputation risk.

Additionally, proceeds from a transaction involving activities of 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.

Library of Congress summary, Apr 26, 2023

Summary versions
  • Introduced in SenateApr 26, 2023

Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 27, 2026.