U.S. Congress: Federal Marijuana Banking Legislation Garners 167 Bipartisan Sponsors

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The number of U.S. senators and representatives sponsoring federal legislation to allow marijuana banking has grown to 167.

Earlier this month Congressmember Betty McCollum (D-MN) joined as a cosponsor in the US House of Representatives for the SAFE (Secure and Fair Enforcement Banking Act) Banking Act (H.R. 2891), bringing the total number of bipartisan sponsors to 130. Combined with the 37 sponsors for the Senate’s SAFER (Secure and Fair Enforcement Regulation) Banking Act (S.2860), the total number of sponsors supporting marijuana banking stands at 167, significantly more than any other marijuana-related measure.

Both bills would provide explicit federal protections for banks and credit unions that offer financial services to state-legal marijuana businesses. The measures would also allow state-legal marijuana businesses to take standard IRS tax deductions. These changes would impact medical marijuana dispensaries in 38 states and recreational marijuana stores in 23 states.

The Senate Banking Committee passed the SAFER Banking Act with bipartisan backing in September. Shortly after, Senate Majority Leader Chuck Schumer pledged to bring the bill to a full Senate vote “in the weeks and months ahead.” Now, nearly 11 months later, no date has been scheduled for the Senate to vote on the legislation.

Public support for these measures remains high, with 63% of Americans in favor of Congressional action to allow cannabis businesses access to vital financial services in states where cannabis is legal, while only 17% are opposed.

The SAFE and SAFER Banking Acts also have the endorsement of key organizations like the National Conference of State Legislatures, along with a bipartisan group of 22 attorneys general.

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