SAFER Banking Act Advances Through Senate Committee

Key Takeaway

The US Senate Banking Committee approved the SAFER Banking Act by a bipartisan 14-9 vote, marking the first time the upper chamber of Congress had advanced cannabis banking legislation out of committee. The bill would prohibit federal regulators from penalizing financial institutions that serve state-legal cannabis businesses, addressing the primary barrier to cannabis companies accessing mainstream banking services. The committee vote was a significant political milestone, though the bill ultimately did not reach the Senate floor during the 118th Congress. The SAFER Banking Act had been introduced in multiple forms over nearly a decade with consistent House passage but no Senate action. For cannabis operators, the committee vote offered hope even though the bill stalled.