SAFE Banking Act of 2019
Latest action · Apr 11, 2019 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 11, 2019
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Secure and Fair Enforcement Banking Act of 2019 or the SAFE Banking Act of 2019
This bill generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate marijuana-related business. Specifically, the bill prohibits a federal banking regulator from (1) terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate marijuana-related business; (2) prohibiting or otherwise discouraging a depository institution from offering financial services to such a business; (3) recommending, incentivizing, or encouraging a depository institution not to offer financial services to an account holder solely because the account holder is affiliated with such a business; (4) taking any adverse or corrective supervisory action on a loan made to a person solely because the person either owns such a business or owns real estate or equipment leased or sold to such a business; or (5) penalizing a depository institution for engaging in a financial service for such a business.
As specified by the bill, a depository institution or a Federal Reserve bank shall not, under federal law, be liable or subject to forfeiture for providing a loan or other financial services to a legitimate marijuana-related business.
The Government Accountability Office must report on (1) access to financial services for minority-owned and women-owned marijuana-related businesses; and (2) the effectiveness of suspicious-transaction reports at finding engagement with organized criminal activity in jurisdictions that allow the cultivation, sale, or distribution of marijuana.
Cosponsors 34
Members who signed on, in the order they did. Signatures ran from Apr 11, 2019 to Jun 3, 2020; 21 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| I-ME | Angus S. King Jr. | Original | Apr 11, 2019 |
| I-VT | Bernard Sanders | Original | Apr 11, 2019 |
| D-HI | Brian Schatz | Original | Apr 11, 2019 |
| D-NV | Catherine Cortez Masto | Original | Apr 11, 2019 |
| R-CO | Cory Gardner | Original | Apr 11, 2019 |
| R-AK | Dan Sullivan | Original | Apr 11, 2019 |
| D-MA | Edward J. Markey | Original | Apr 11, 2019 |
| D-MA | Elizabeth Warren | Original | Apr 11, 2019 |
| D-MI | Gary C. Peters | Original | Apr 11, 2019 |
| D-NV | Jacky Rosen | Original | Apr 11, 2019 |
| D-CA | Kamala D. Harris | Original | Apr 11, 2019 |
| R-ND | Kevin Cramer | Original | Apr 11, 2019 |
| R-AK | Lisa Murkowski | Original | Apr 11, 2019 |
| D-HI | Mazie K. Hirono | Original | Apr 11, 2019 |
| D-CO | Michael F. Bennet | Original | Apr 11, 2019 |
| D-VT | Patrick J. Leahy | Original | Apr 11, 2019 |
| D-WA | Patty Murray | Original | Apr 11, 2019 |
| R-KY | Rand Paul | Original | Apr 11, 2019 |
| D-NJ | Robert Menendez | Original | Apr 11, 2019 |
| D-OR | Ron Wyden | Original | Apr 11, 2019 |
| D-IL | Tammy Duckworth | Original | Apr 11, 2019 |
| D-MN | Amy Klobuchar | Apr 30, 2019 | |
| D-NY | Kirsten E. Gillibrand | May 2, 2019 | |
| D-WI | Tammy Baldwin | May 2, 2019 | |
| D-CT | Richard Blumenthal | May 13, 2019 | |
| D-VA | Tim Kaine | May 14, 2019 | |
| D-NM | Tom Udall | May 14, 2019 | |
| D-CT | Christopher Murphy | May 20, 2019 | |
| I-AZ | Kyrsten Sinema | May 22, 2019 | |
| D-VA | Mark R. Warner | Jun 3, 2019 | |
| D-MT | Jon Tester | Jul 10, 2019 | |
| D-MN | Tina Smith | Sep 16, 2019 | |
| D-IL | Richard J. Durbin | Sep 18, 2019 | |
| D-NM | Martin Heinrich | Jun 3, 2020 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Apr 11, 2019 |
Actions 2
Everything that happened, newest first.
- Apr 11, 2019Introduced in Senate
- Apr 11, 2019Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 116-82 | CHALLENGES FOR CANNABIS AND BANKING: OUTSIDE PERSPECTIVES419 pages | Banking, Housing, and Urban Affairs Committee | Jul 23, 2019 |
CRS reports 4
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 4
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R45948 | The Controlled Substances Act (CSA): A Legal Overview for the 119th Congress | Report | Jan 22, 2025 |
| R44782 | The Evolution of Marijuana as a Controlled Substance and the Federal-State Policy Gap | Report | Apr 7, 2022 |
| R46699 | Banking Policy Issues in the 117th Congress Archived | Report | Mar 2, 2021 |
| IF11373 | Financial Services for Marijuana Businesses | Resource | Nov 27, 2019 |
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1595 | SAFE Banking Act of 2019 | Related bill | Sep 26, 2019 |
| HR 6800 | The Heroes Act | Related bill | Jul 23, 2020 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to create protections for depository institutions that provide financial services to cannabis-related legitimate businesses and service providers for such businesses, and for other purposes.
- Short Title(s) as Introduced
- SAFE Banking Act of 2019
- Secure And Fair Enforcement Banking Act of 2019
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Congressional oversight
- Credit and credit markets
- Criminal investigation, prosecution, interrogation
- Drug trafficking and controlled substances
- Drug, alcohol, tobacco use
- Federal Reserve System
- Finance and Financial Sector
- Financial services and investments
- Fraud offenses and financial crimes
- Government liability
- Government studies and investigations
- Insurance industry and regulation
- Licensing and registrations
- Minority and disadvantaged businesses
- Organized crime
- Women in business
Text 1
Each version as it was printed, newest first.
- Apr 11, 2019Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
