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SAFER Banking Act

S. 2860 Sen. Jeff Merkley (D-OR) In committee
Bill text PDF
  1. Introduced Sep 20
  2. Committee Sep 20
  3. Passed Senate Next
  4. Passed House Not yet
  5. To President Not yet
  6. Law Not yet
Where it stands
In committee, Sep 20, 2023Next: Senate vote
1057d ago Dec 6, 2023: Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-496.
Final votes
No roll callsNo recorded vote on this bill yet
Lobbying
4companies, 7 filings
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5trades in the last 90 days
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Companies lobbying on this bill

4 companies
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Technology & Software 2Biotech & Pharma 1Mining & Materials 1
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Summary

Secure And Fair Enforcement Regulation Banking Act or the SAFER Banking Act

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 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.

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.

Library of Congress summary, Sep 28, 2023

Summary versions
  • Reported to SenateSep 28, 2023
  • Introduced in SenateSep 20, 2023

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