S. 1200 · 116th Congress
SAFE Banking Act of 2019
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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MerkleySponsor34 cosponsors · 27 D, 5 R, 2 I
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Bennet
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Cramer
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Cortez Masto
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Duckworth
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Gardner
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Hirono
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Harris
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King
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Leahy
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Markey
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Menendez
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Murray
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Murkowski
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Peters
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Paul
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Rosen
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Sanders
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Schatz
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Sullivan
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Wyden
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Warren
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Klobuchar
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Baldwin
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Gillibrand
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Blumenthal
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Kaine
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Udall
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Murphy
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Sinema
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Warner
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Tester
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Smith
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Durbin
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Heinrich21 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Secure and Fair Enforcement Banking Act of 2019 or the SAFE Banking Act of 2019
What it does: CRS summary · Introduced in Senate · Apr 11, 2019
Secure and Fair Enforcement Banking Act of 2019 or the SAFE Banking Act of 2019
This bill generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate marijuana-related business. Specifically, the bill prohibits a federal banking regulator from (1) terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate marijuana-related business; (2) prohibiting or otherwise discouraging a depository institution from offering financial services to such a business; (3) recommending, incentivizing, or encouraging a depository institution not to offer financial services to an account holder solely because the account holder is affiliated with such a business; (4) taking any adverse or corrective supervisory action on a loan made to a person solely because the person either owns such a business or owns real estate or equipment leased or sold to such a business; or (5) penalizing a depository institution for engaging in a financial service for such a business.
As specified by the bill, a depository institution or a Federal Reserve bank shall not, under federal law, be liable or subject to forfeiture for providing a loan or other financial services to a legitimate marijuana-related business.
The Government Accountability Office must report on (1) access to financial services for minority-owned and women-owned marijuana-related businesses; and (2) the effectiveness of suspicious-transaction reports at finding engagement with organized criminal activity in jurisdictions that allow the cultivation, sale, or distribution of marijuana.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: SAFE Banking Act of 2019
Also known as: Secure And Fair Enforcement Banking Act of 2019
Latest action (Apr 11, 2019): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Apr 11, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.