Letter from Senate Armed Services Committee Members Urges Committee Leaders to Keep House-Passed Bipartisan Bill Allowing Legal Cannabis Businesses to Access Critical Banking Services in Final Version of NDAA
WASHINGTON, D.C. – U.S. Senator Jacky Rosen (D-NV) is leading a bipartisan letter today of Senate Armed Services Committee (SASC) members urging leaders of the Armed Services Committees in the House and Senate to keep the Secure and Fair Enforcement (SAFE) Banking Act in the final conference version of the National Defense Authorization Act for Fiscal Year 2022 (NDAA). Current federal law restricts legally operating businesses from accessing basic banking services and products such as depository and checking accounts, credit cards, and checks, resulting in businesses being forced to operate as cash-only. The SAFE Banking Act would allow banking access to licensed cannabis businesses operating in states like Nevada that have legalized the sale of marijuana.
The bipartisan and broadly popular bill has passed the House of Representatives five times, most recently as an amendment to the NDAA in September. The House passed the SAFE Banking Act as standalone legislation by a 220-vote margin in April, with support from more than three-quarters of House members, including a majority of both Republicans and Democrats.
The letter in support of including this bipartisan legislation in the final NDAA is also signed by Senators Gary Peters (D-MI), Angus King (I-ME), Kevin Cramer (R-ND), and Mark Kelly (D-AZ). The full text of the letter can be found here.
“In anticipation of the Senate passing the Fiscal Year 2022 (FY22) National Defense Authorization Act (NDAA) following the Thanksgiving state work period, we, as members of the Senate Armed Services Committee, write to request that the final conference bill retain the text of the SAFE Banking Act of 2021. The House of Representatives has passed the SAFE Banking