116th Congress On March 7, 2019, the bill was introduced in
U.S. House of Representatives by
Ed Perlmutter (D-CO) and was referred to the
Judiciary and
Financial Services Committees. On March 28, 2019, the Financial Services Committee voted 45 to 15 to advance the bill to the full House. The bill had "broad bipartisan support", and there were 152 cosponsors at the time of the committee vote – over a third of the entire House. Perlmutter, along with Washington Representative
Denny Heck, "have introduced similar bills every Congress since 2013". On April 11, 2019, Oregon Senator
Jeff Merkley introduced a companion bill in the
U.S. Senate and the bill was referred to the
Senate Banking, Housing, and Urban Affairs Committee. On June 6, 2019, the House bill moved out of committee and was placed on the
Union Calendar for a vote. , the House bill had 206 cosponsors (including
U.S. House Judiciary Committee Chair Jerry Nadler and
U.S. House Financial Services Committee Chair Maxine Waters), and the Senate bill had 33 cosponsors (including
Senate Minority Whip Dick Durbin). On September 20, 2019,
House Majority Leader Steny Hoyer announced the bill was scheduled for a floor vote for the week of September 23 under
suspension of the rules. Under suspension of House rules, the bill may not be amended, and must be approved by two thirds of the House of Representatives. The bill was passed by the House on September 25, 2019. The bill was originally drafted exclusively with banking institutions within its scope. However, the National Association of Professional Insurance Agents and other lobbying organizations achieved the addition of language from the "Clarifying Law Around Insurance of Marijuana" (CLAIM) Act, which existed in similar versions in both the House and the Senate. The added language rules out criminal and civil prosecution for both the entities and their employees or officers for the business of insuring cannabis-related industry when such industry is located in states which have legalized such activity. The SAFE Banking Act provisions were included in the
HEROES Act, a
COVID-19 relief bill passed in the U.S. House in May 2020. They were again included in a bill approved by the house 214–207 in October. A push to include the SAFE Banking Act provisions in the end-of-year COVID-19 stimulus failed, though hope remained it could pass in 2021 if reintroduced.
117th Congress The SAFE Banking Act was reintroduced in the 117th Congress in 2021 by a bipartisan group of over 100 members of the House. In late October 2022, Senate Majority Leader
Chuck Schumer said a bill in his chamber was "very close". The Senate bill had additional provisions regarding expungements and was being called "SAFE Banking Plus". as did Dow Jones'
MarketWatch, while ''
Kiplinger's Personal Finance'' said it had "some probability" of passage. In late November, Beacon Policy Advisors and Cowen Washington Research Group gave it a 70 and 75% chance of passage respectively. In early December it was reported that Majority Leader Chuck Schumer, with bipartisan support, planned to attach the legislation to a "must pass" bill like the
2023 National Defense Authorization Act during the lame-duck session.
Amendment to National Defense Authorization Act The bill's language was added to the
National Defense Authorization Act for Fiscal Year 2022 (NDAA) by amendment on September 21, 2021. A letter to Congress by a bipartisan group of just one fewer than half of U.S. state governors urged passage through the NDAA. The SAFE Banking provisions were removed from the NDAA prior to its being signed into law on December 27, 2021. The bill was included in the
National Defense Authorization Act for fiscal year 2023 passed by the House on July 14, 2022.
Amendment to America COMPETES Act advocates for passage of the SAFE Banking Act on April 20, 2022 In January 2022, Perlmutter introduced an amendment to the
America COMPETES Act of 2022 that incorporated the SAFE Banking Act. It was passed by the House on February 4. On April 20, 2022, Senator
Patty Murray said that the banking amendment was likely to get passed in the America COMPETES Act "in a little over a month" through conference committee negotiations. Murray became the third-ranking member of the party in control of the U.S. Senate in 2016, and is a member of the conference committee.
118th Congress The bill was reintroduced during the 118th Congress on April 26, 2023 in both chambers. Senators
Jeff Merkley (D) and
Steve Daines (R), and Representatives
Dave Joyce (R) and
Earl Blumenauer (D) were the lead sponsors. The
Senate Banking Committee chair,
Sherrod Brown, said the bill could get a hearing in the first half of May, 2023, and the first Senate hearing was held on May 11. The bill was scheduled for markup by the Senate Banking Committee in June.
Politico and other sources reported it was scheduled for a Banking Committee vote on September 27, where it was expected to pass. Senators including Majority Leader Chuck Schumer introduced a new version of the bill called Secure and Fair Enforcement Regulation (SAFER) Banking Act on September 20. The bill was passed by the committee on September 27, clearing it for a Senate floor vote. Following the apparent intention of the US government to
reschedule marijuana from Schedule I to Schedule III in late April, 2024, Majority Leader Schumer reiterated the need for new banking regulations around cannabis and said he "remain[s] strongly committed" to both SAFER Banking and the
Cannabis Administration and Opportunity Act. == Provisions ==