Proactive Investors - A bill that would improve access to traditional financial services for cannabis businesses has been updated ahead of its scheduled markup session in the Senate Committee on Banking, Housing and Urban Affairs on September 27.
The revised act, the Secure and Fair Enforcement Regulation (SAFER) Banking Act, was introduced by a group of senators led by Senate Majority Leader Chuck Schumer on Wednesday.
The amended bill includes changes related to guidance, finance regulations, and reporting requirements but is largely in line with the original Secure and Fair Enforcement (SAFE) Banking Act introduced earlier this year.
The changes were made after months of negotiations between lawmakers to gain bipartisan support for the act.
BREAKING:We're introducing the Secure and Fair Enforcement Regulation (SAFER) Banking Act.
This will help make our communities and small businesses safer by giving legal cannabis businesses access to traditional financial institutions. pic.twitter.com/7SEiJEu9nV
— Chuck Schumer (@SenSchumer) September 20, 2023
“This legislation will help make our communities and small businesses safer by giving legal cannabis businesses access to traditional financial institutions, including bank accounts and small business loans,” the group of Senators said in a statement.
“It also prevents federal bank regulators from ordering a bank or credit union to close an account based on reputational risk.”