SAFE Banking Act of 2021

Summary

Secure and Fair Enforcement Banking Act of 2021 or the SAFE Banking Act of 2021 This bill generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate cannabis-related business. Prohibited penalties include terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate cannabis-related business and prohibiting or otherwise discouraging a depository institution from offering financial services to such a business. Additionally, proceeds from a transaction involving activities of a legitimate cannabis-related business are not considered proceeds from unlawful activity. Proceeds from unlawful activity are subject to anti-money laundering laws. Furthermore, a depository institution is not, under federal law, liable or subject to asset forfeiture for providing a loan or other financial services to a legitimate cannabis-related business. The bill also provides that a federal banking agency may not request or order a depository institution to terminate a customer account unless (1) the agency has a valid reason for doing so, and (2) that reason is not based solely on reputation risk. Valid reasons for terminating an account include threats to national security and involvement in terrorist financing, including state sponsorship of terrorism.

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

Timeline

1. 23 March 2021

   Introduced

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

   Source: IntroReferral

2. 23 March 2021

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 8 September 2022

   Committee

   Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 117-747.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 23 March 2021 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 23 March 2021

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 23 March 2021

  ViewDownloadOpen at official source

  Leesvertaling

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

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

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

• Introduced in Senate

  summary · EN · 23 March 2021

  Open at official source

  Leesvertaling

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

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

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

Sponsors

• Sen. Merkley, Jeff [D-OR] · D · Sponsor
• Sen. Daines, Steve [R-MT] · R · Sponsor
• Sen. Menendez, Robert [D-NJ] · D · Sponsor
• Sen. Sinema, Kyrsten [I-AZ] · D · Sponsor
• Sen. Markey, Edward J. [D-MA] · D · Sponsor
• Sen. Padilla, Alex [D-CA] · D · Sponsor
• Sen. Leahy, Patrick J. [D-VT] · D · Sponsor
• Sen. Durbin, Richard J. [D-IL] · D · Sponsor
• Sen. Wyden, Ron [D-OR] · D · Sponsor
• Sen. Hirono, Mazie K. [D-HI] · D · Sponsor
• Sen. Smith, Tina [D-MN] · D · Sponsor
• Sen. King, Angus S., Jr. [I-ME] · I · Sponsor
• Sen. Cortez Masto, Catherine [D-NV] · D · Sponsor
• Sen. Bennet, Michael F. [D-CO] · D · Sponsor
• Sen. Tester, Jon [D-MT] · D · Sponsor
• Sen. Rosen, Jacky [D-NV] · D · Sponsor
• Sen. Cramer, Kevin [R-ND] · R · Sponsor
• Sen. Sullivan, Dan [R-AK] · R · Sponsor
• Sen. Gillibrand, Kirsten E. [D-NY] · D · Sponsor
• Sen. Warren, Elizabeth [D-MA] · D · Sponsor
• Sen. Murphy, Christopher [D-CT] · D · Sponsor
• Sen. Peters, Gary C. [D-MI] · D · Sponsor
• Sen. Sanders, Bernard [I-VT] · I · Sponsor
• Sen. Schatz, Brian [D-HI] · D · Sponsor
• Sen. Murray, Patty [D-WA] · D · Sponsor
• Sen. Klobuchar, Amy [D-MN] · D · Sponsor
• Sen. Paul, Rand [R-KY] · R · Sponsor
• Sen. Cassidy, Bill [R-LA] · R · Sponsor
• Sen. Lummis, Cynthia M. [R-WY] · R · Sponsor
• Sen. Murkowski, Lisa [R-AK] · R · Sponsor
• Sen. Duckworth, Tammy [D-IL] · D · Cosponsor
• Sen. Hickenlooper, John W. [D-CO] · D · Cosponsor
• Sen. Luján, Ben Ray [D-NM] · D · Cosponsor
• Sen. Kaine, Tim [D-VA] · D · Cosponsor
• Sen. Warner, Mark R. [D-VA] · D · Cosponsor
• Sen. Baldwin, Tammy [D-WI] · D · Cosponsor
• Sen. Kelly, Mark [D-AZ] · D · Cosponsor
• Sen. Collins, Susan M. [R-ME] · R · Cosponsor
• Sen. Coons, Christopher A. [D-DE] · D · Cosponsor
• Sen. Blunt, Roy [R-MO] · R · Cosponsor
• Sen. Feinstein, Dianne [D-CA] · D · Cosponsor
• Sen. Heinrich, Martin [D-NM] · D · Cosponsor
• Sen. Stabenow, Debbie [D-MI] · D · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Secure And Fair Enforcement Banking Act of 2021