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S. 1323 118th Congress Senate

SAFE Banking Act of 2023

Official title: A bill to create protections for financial institutions that provide financial services to State-sanctioned marijuana businesses and service providers for such businesses, and for other purposes.

Introduced: April 26, 2023 Introduced by: Jeff Merkley Democratic · Oregon See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 11, 2023
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-541.
Apr 26, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 26, 2023
Introduced in Senate
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 Latest action May 11, 2023

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-541.

 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.

 Related & companion bills 2
  • HR 2891 Identical bill SAFE Banking Act of 2023
  • S 2860 SAFER Banking Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 11

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

Bodies those filers lobbied

A filing lists the bills it worked on and the parts of government it contacted in separate sections, so these are the bodies those filers named anywhere in the filing, not a per-bill breakdown.

See all 11 filings →
 Cosponsors 39
All 39 Democratic 27 Republican 8 Independent 2
R
Collins, Susan M.
Maine · Jul 13, 2023
 D
Baldwin, Tammy
Wisconsin · May 31, 2023
 D
Bennet, Michael F.
Colorado · Apr 26, 2023
 R
Cassidy, Bill
Louisiana · Apr 26, 2023
 D
Coons, Christopher A.
Delaware · Apr 26, 2023
 D
Cortez Masto, Catherine
Nevada · Apr 26, 2023
 R
Cramer, Kevin
North Dakota · Apr 26, 2023
 R
Daines, Steve
Montana · Apr 26, 2023
 D
Duckworth, Tammy
Illinois · Apr 26, 2023
 D
Durbin, Richard J.
Illinois · Apr 26, 2023
 D
Fetterman, John
Pennsylvania · Apr 26, 2023
 D
Gillibrand, Kirsten E.
New York · Apr 26, 2023
 D
Heinrich, Martin
New Mexico · Apr 26, 2023
 D
Hickenlooper, John W.
Colorado · Apr 26, 2023
 D
Hirono, Mazie K.
Hawaii · Apr 26, 2023
 D
Kaine, Tim
Virginia · Apr 26, 2023
 D
Kelly, Mark
Arizona · Apr 26, 2023
 I
King, Angus S., Jr.
Maine · Apr 26, 2023
 D
Klobuchar, Amy
Minnesota · Apr 26, 2023
 D
Luján, Ben Ray
New Mexico · Apr 26, 2023
 R
Lummis, Cynthia M.
Wyoming · Apr 26, 2023
 D
Markey, Edward J.
Massachusetts · Apr 26, 2023
Menendez, Robert
· Apr 26, 2023
 R
Murkowski, Lisa
Alaska · Apr 26, 2023
 D
Murphy, Christopher
Connecticut · Apr 26, 2023
 D
Murray, Patty
Washington · Apr 26, 2023
 D
Padilla, Alex
California · Apr 26, 2023
 R
Paul, Rand
Kentucky · Apr 26, 2023
 D
Peters, Gary C.
Michigan · Apr 26, 2023
 D
Rosen, Jacky
Nevada · Apr 26, 2023
 I
Sanders, Bernard
Vermont · Apr 26, 2023
 D
Schatz, Brian
Hawaii · Apr 26, 2023
Sinema, Kyrsten
· Apr 26, 2023
 D
Smith, Tina
Minnesota · Apr 26, 2023
 R
Sullivan, Dan
Alaska · Apr 26, 2023
 D
Warner, Mark R.
Virginia · Apr 26, 2023
 D
Warren, Elizabeth
Massachusetts · Apr 26, 2023
 D
Welch, Peter
Vermont · Apr 26, 2023
 D
Wyden, Ron
Oregon · Apr 26, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1323: SAFE Banking Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-S-1323/
MLA
"S. 1323: SAFE Banking Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-1323/.
Bluebook (legal)
S. 1323, 118th Cong. (2026), https://openamerica.io/bill/118-S-1323/.
Markdown link
[S. 1323: SAFE Banking Act of 2023](https://openamerica.io/bill/118-S-1323/)
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