HR 2891 118th Congress House Finance and Financial Sector Administrative law and regulatory procedures Asia Bank accounts, deposits, capital Banking and financial institutions regulation Business records Congressional oversight Consumer affairs Credit and credit markets Criminal investigation, prosecution, interrogation Department of the Treasury Drug trafficking and controlled substances Drug, alcohol, tobacco use Evidence and witnesses Federal Deposit Insurance Corporation (FDIC) Federal Reserve System Financial services and investments Fraud offenses and financial crimes Government information and archives Government liability

SAFE Banking Act of 2023

Introduced: April 26, 2023 Introduced by: Joyce, David P. Republican · Ohio See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 3, 2023

Referred to the Subcommittee on Economic Opportunity.

Apr 26, 2023

Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Veterans' Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Apr 26, 2023

Introduced in House

Plain-English summary Congressional Research Service

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

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.

What's happening now May 3, 2023

Referred to the Subcommittee on Economic Opportunity.

Committees of jurisdiction 4