The SAFER Banking Act: A Step Towards Safer Banking

Hopes that the highly anticipated SAFER Banking Act could be attached to a 'must pass' bill were scuppered last week amid 'pushback right at the finish. This setback has left many wondering about the future of cannabis banking reform in the United States. Senate Minority Leader Mitch McConnell (R-KY) “continues to oppose marijuana banking,” a spokesperson for his office told Marijuana Moment. Despite this opposition, progress is being made in Congress towards creating a safer banking environment for cannabis businesses.

On September 27, 2023, the SAFER Banking Act made it out of the Senate Banking Committee (by a vote of 14-9). Senate Majority Leader Chuck Schumer (D-NY) has expressed support for the bill, signaling a potential shift in the political landscape regarding cannabis banking reform. 'Trade to Black' analyses cannabis stocks and regulatory impacts, providing a critical look at market dynamics and investment futures. This analysis sheds light on the economic implications of safer banking practices within the cannabis industry.

Federal lawmakers are inching closer to a deal on legislation that could include cannabis banking reform, U.S. Rep. Maxine Waters says. The SAFER Banking Act plays a crucial role in this legislative process, as it aims to improve the financial security of cannabis businesses. The scientific review supporting HHS's recommendation to DEA that cannabis be reclassified from a Schedule I to a Schedule III drug was a significant milestone in the push for safer banking practices.

The safest banks prioritize security features, FDIC protection, and 24/7 customer service. See our top picks of the safest banks in the U.S. to ensure your financial assets are protected. The House Republican Policy Committee is advising GOP lawmakers to oppose legislation that would give cannabis businesses access to banking services, highlighting the political divide on this issue. Despite opposition from some lawmakers, the SAFER Banking Act continues to gain traction in Congress.

Warnock was the lone Democrat in the Senate Banking Committee to oppose the SAFER Banking Act during a Sept. 27 markup hearing, arguing the potential risks associated with cannabis banking reform. However, the majority of committee members recognized the importance of creating a safer banking environment for cannabis businesses. By addressing the challenges faced by the industry, the SAFER Banking Act has the potential to enhance financial security and promote economic growth.