Senate Considers Bill to Improve Cannabis Business Banking Access.
The Senate Banking Committee is holding its first-ever hearing on the Secure and Fair Enforcement Banking Act (SAFE), a bipartisan bill that would allow the cannabis industry to access traditional banking services. The bill has strong bipartisan support with 38 additional cosponsors in the Senate and eight more cosponsors in the House. Without access to traditional banks, legal marijuana businesses can't access loans and capital, or even use basic bank accounts. The bill would shield banks from being penalized by federal regulators, creating a safe harbor from criminal prosecution, liability and asset forfeiture for banks, their officers or employees.