S 2860
SAFER Banking Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Secure and Fair Enforcement Regulation Banking Act (SAFER Banking Act) aims to protect federal financial institutions that serve businesses involved in the cannabis industry. It prevents federal regulators from penalizing banks for providing services to these businesses, prohibits requests to terminate accounts based on cannabis involvement, and treats proceeds from cannabis transactions as not derived from unlawful activity. The bill also includes provisions for hemp-related businesses and establishes guidelines for suspicious activity reporting, ultimately seeking to reduce the regulatory burden and legal risks associated with serving the cannabis industry.
Sponsors
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Primary sponsor
Cosponsors
Angus S., Jr. King
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