WASHINGTON – U.S. Senator Kevin Cramer (R-ND), member of the Senate Banking, Housing, and Urban Affairs Committee, joined his colleagues in introducing the bipartisan Safe and Fair Enforcement Regulation (SAFER) Banking Act, which secures protections for legal industries like energy companies, gun manufacturers, and state-sanctioned marijuana companies to have access to banking services. The bill also restricts the government’s ability to cut off access to financial services for businesses engaged in legal commerce.
“While I am concerned about the potential for abuse within the marijuana industry, SAFER Banking is designed to protect employees and businesses by providing them avenues to bank like other legal businesses,” said Senator Cramer. “SAFER Banking will allow marijuana industry businesses to use regulated financial services rather than proverbial duffle bags of cash.”
This legislation is cosponsored by U.S. Senators Cynthia Lummis (R-WY), Steve Daines (R-MT), Jeff Merkley (D-OR), Chuck Schumer (D-NY), Kyrsten Sinema (I-AZ), Corey Booker (D-NJ), Dan Sullivan (R-AK), and Bob Menendez (D-NJ).
Click here for bill text.