Skip to content
PoliticalRepoPoliticalRepo

United States · Bill · S

S. 2860 (118th)

SAFER Banking Act

openUnited States· United States Congress· EN

Introduced

20 September 2023

Last action

6 December 2023 · Committee

Status

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

Sponsors

Sen. Merkley, Jeff [D-OR], Sen. Daines, Steve [R-MT], Sen. Schumer, Charles E. [D-NY], Sen. Sinema, Kyrsten [I-AZ], Sen. Lummis, Cynthia M. [R-WY], Sen. Cramer, Kevin [R-ND], Sen. Booker, Cory A. [D-NJ], Sen. Sullivan, Dan [R-AK], Sen. Menendez, Robert [D-NJ], Sen. King, Angus S., Jr. [I-ME], Sen. Wyden, Ron [D-OR], Sen. Rosen, Jacky [D-NV], Sen. Fetterman, John [D-PA], Sen. Warren, Elizabeth [D-MA], Sen. Tester, Jon [D-MT], Sen. Cortez Masto, Catherine [D-NV], Sen. Duckworth, Tammy [D-IL], Sen. Smith, Tina [D-MN], Sen. Kelly, Mark [D-AZ], Sen. Klobuchar, Amy [D-MN], Sen. Gillibrand, Kirsten E. [D-NY], Sen. Murray, Patty [D-WA], Sen. Hirono, Mazie K. [D-HI], Sen. Heinrich, Martin [D-NM], Sen. Peters, Gary C. [D-MI], Sen. Bennet, Michael F. [D-CO], Sen. Coons, Christopher A. [D-DE], Sen. Kaine, Tim [D-VA], Sen. Hickenlooper, John W. [D-CO], Sen. Luján, Ben Ray [D-NM], Sen. Stabenow, Debbie [D-MI], Sen. Baldwin, Tammy [D-WI], Sen. Sanders, Bernard [I-VT], Sen. Schatz, Brian [D-HI], Sen. Padilla, Alex [D-CA], Sen. Cantwell, Maria [D-WA], Sen. Murkowski, Lisa [R-AK]

Subjects

Discovery layer

Source updated

27 May 2026

Official sourceDownload fileView documentsShare

Summary

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 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 20 September 2023

    Introduced

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

    Source: IntroReferral

  2. 20 September 2023

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 27 September 2023

    Reported

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

    Source: Committee

  4. 28 September 2023

    Calendars

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

    Source: Calendars

  5. 28 September 2023

    Reported

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

    Source: Committee

  6. 28 September 2023

    Reported

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

    Source: Committee

  7. 6 December 2023

    Committee

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

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

6 official files

Reported to Senate (text)

View fileDownload file

This file cannot be previewed here. Use View or Download.

Leesvertaling

Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Reported to Senate (text)

    Reported to Senate · EN · 28 September 2023

    ViewDownloadOpen at official source

  • Reported to Senate (PDF)

    Reported to Senate · EN · 28 September 2023

    ViewDownloadOpen at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Reported to Senate

    summary · EN · 28 September 2023

    Open at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Introduced in Senate (text)

    Introduced in Senate · EN · 20 September 2023

    ViewDownloadOpen at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 20 September 2023

    ViewDownloadOpen at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Introduced in Senate

    summary · EN · 20 September 2023

    Open at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

Related records

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.