16 Governors Urge Congress To Pass SAFE Banking Act For Cannabis Industry

Although congressional Democrats are set to take the reins next year, 16 Democratic governors are calling on Congress to pass the SAFE Banking Act now, so cannabis businesses “can bank like everyone else.”

Maryland Gov. Wes Moore spearheaded a letter to congressional leaders on Nov. 9, urging them to push the longstanding Secure and Fair Enforcement (SAFE) Banking Act across the finish line during this Congress’ lame-duck session.

The legislation would help ensure state-licensed cannabis businesses can access federally regulated banking and financial services by providing safe harbor to banks and credit unions that choose to serve the industry.

While the U.S. House passed previous versions of the SAFE Banking Act seven times between 2019 and 2022 – all under Democratic control – the Senate repeatedly squashed those efforts under the majority leadership of Sens. Mitch McConnell, R-Ky., and Chuck Schumer, D-N.Y.

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