S 2860 118th Congress Senate 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

SAFER Banking Act

Introduced: September 20, 2023 Introduced by: Merkley, Jeff Democratic · Oregon See on congress.gov

Everywhere this bill has been 6 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Dec 6, 2023

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-496.

Sep 28, 2023

Placed on Senate Legislative Calendar under General Orders. Calendar No. 215.

Sep 28, 2023

Committee on Banking, Housing, and Urban Affairs. Reported by Senator Brown with amendments. Without written report.

Sep 27, 2023

Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with amendments favorably.

Sep 20, 2023

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sep 20, 2023

Introduced in Senate

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Plain-English summary Congressional Research Service

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

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.

What's happening now December 6, 2023

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-496.

Related & companion bills 2

Bill text 2 versions

Introduced in Senate Formatted Text PDF Formatted XML
Reported to Senate Formatted Text PDF Formatted XML

Source documents hosted by congress.gov.

Committees of jurisdiction 1

Banking, Housing, and Urban Affairs Committee
Senate

Lobbying activity 16

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

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