Cannabis-Banking Bill Introduced in Senate

Apr 15, 2019
ICBA-supported legislation to establish a cannabis-banking safe harbor was introduced in the Senate after companion legislation passed out of a House committee last month.

The bipartisan Secure and Fair Enforcement Banking Act (S. 1200) was introduced in the Senate by Sens. Cory Gardner (R-Colo.) and Jeff Merkley (D-Ore.) with 20 additional original co-sponsors.

Like its House companion, which advanced on a 45-15 committee vote on March 28, the bill would establish a cannabis-banking safe harbor for financial institutions and ancillary companies that serve cannabis-related businesses in states where cannabis is legal.

Treasury Secretary Steven Mnuchin last week encouraged Congress to find a bipartisan solution to conflicting state and federal laws on cannabis regulation, noting that the IRS has built rooms to hold cash from cannabis-related businesses because they are forced to operate on a cash basis.

ICBA supported this legislation in the last Congress and will continue working with lawmakers to advance it in the House and Senate.

Read ICBA Letter of Support