Senators Introduce Revised Cannabis Banking Bill With Updated Provisions

The revised cannabis banking bill with an updated title and several new provisions related to federal financial regulations, guidance and reporting requirements was introduced in the Senate on Wednesday.

The Secure and Fair Enforcement Regulation (SAFER) Banking Act, sponsored by Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT), is a result of a months-long process that included bipartisan efforts to come up with a compromise.

"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."

The legislation is set for a Senate committee markup on Sept. 27, the same day a slew of top executives, entrepreneurs and marijuana industry stakeholders will meet at the  Benzinga Cannabis Capital Conference in Chicago.

Sens. Kevin Cramer (R-ND), Cory Booker (D-NJ), Dan Sullivan (R-AK) and Bob Menendez (D-NJ) are among the other initial cosponsors of the bill.

Marijuana Moment's Kyle Jaeger listed several key changes from the previous Secure and Fair Enforcement (SAFE) Banking Act that sought to provide federally regulated banks and credit unions legal cover to accept cannabis dispensaries and growers as customers.

Some of these include the SAFER Banking Act omitting "earlier language preventing federal regulators from taking action that "discourages" financial institutions from working with state-legal marijuana businesses," and spelling out "how regulators must broadly have a "valid" reason for requesting or requiring the termination of bank accounts for any business."

BREAKING:

We're introducing the Secure and Fair Enforcement Regulation (SAFER) Banking Act.

This will help make our communities and small businesses safer by giving legal cannabis businesses access to traditional financial institutions. pic.twitter.com/7SEiJEu9nV

— Chuck Schumer (@SenSchumer) September 20, 2023

Read more on Marijuana Moment.

The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago on Sept. 27-28. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.

Related News

• Schumer Vows To Fast-Track Newly Revised Cannabis Banking Bill After Sept 27 Vote, Here's What's In It
• Financial Institutions Embrace Cannabis Businesses Ahead Of Senate Committee Vote On Marijuana Banking

Photo: Courtesy of Kindel Media and Paula Nardini by Pexels