The Secure and Fair Enforcement Banking Act, or the SAFE Banking Act, passed the House of Representatives by a vote of 321 to 103.
The Act was originally proposed to protect banks that work with companies in the marijuana industry. However, the House vote approving the Act today came after several amendments were made to ensure that the Act’s provisions apply to legal hemp and CBD businesses, as well as certain other industries’ businesses, such as firearms dealers.
With its passage in the House, the ultimate fate of the SAFE Banking Act now lies with the Senate.
It will be interesting to see whether the recent amendments to the Act – combined with the widespread written support the Act recently has received from The American Bankers Association, Credit Union National Association, Independent Community Bankers of America and National Bankers Association, 50 state banking associations, the National Association of State Treasurers, the top financial regulators of 25 states, a majority of state attorneys general and bipartisan governors of 20 states – will be sufficient to encourage the Senate to pass a version of the SAFE Banking Act this legislative term.