Sen. Merkley Introduces Bipartisan SAFE Banking Act to Open Financial Services for Marijuana Businesses
The SAFE Banking Act of 2026 is currently in the early stages of the legislative process. It has been sent to the Senate Committee on Banking, Housing, and Urban Affairs for review. No further actions are scheduled at this time.
This bill has strong bipartisan support and has passed the House many times, but it often gets stuck in the Senate due to disagreements over broader drug laws.
The bill directs federal banking regulators and the GAO to track and report on how well veteran-owned marijuana and hemp businesses can access banking services, which could surface problems and lead to future fixes, though the direct benefit is limited to data collection for now.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
No votes have been recorded for this legislation yet.
A bipartisan group of federal lawmakers refiled the SAFE Banking Act of 2026 to ease restrictions on regulated cannabis businesses. The bill aims to provide a safe harbor for banks, reducing the reliance on cash transactions that currently fuel robberies and money laundering risks.
Sen. Jeff Merkley and Rep. Dave Joyce led the reintroduction of the SAFE Banking Act. Beyond business protections, the 2026 version includes provisions ensuring industry workers can access federally backed mortgage loans from the FHA and VA, treating their income as legitimate.
The SAFE Banking Act of 2026 seeks to prevent federal regulators from penalizing financial institutions for serving state-legal cannabis firms. It clarifies that proceeds from such businesses are not 'dirty money,' protecting bank employees from money laundering charges.
Document Type
Congressional Bill
Official Title
SAFE Banking Act of 2026
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