SAFE Banking Act Gains Four New Bipartisan Senate Sponsors, Bringing Congressional Total to 16
- The SAFE Banking Act has gained four new Senate sponsors, doubling its support to eight senators evenly split between Democrats and Republicans, and bringing total congressional sponsors to 16.
- The bill aims to provide federal protections to banks and financial institutions serving state-legal marijuana businesses, preventing penalties and certain federal prosecutions related to these services.
- Supporters argue that the lack of banking access forces marijuana businesses to operate primarily in cash, increasing risks such as robbery and complicating financial tracking.
- Although the House has approved similar legislation multiple times, the SAFE Banking Act has repeatedly stalled in the Senate; the current bills are under review by relevant committees in both chambers.
The SAFE Banking Act has gained four new sponsors in the U.S. Senate, doubling its Senate support and bringing the total number of congressional sponsors to 16.
Senators Dan Sullivan (R-AK), Catherine Cortez Masto (D-NV), Kevin Cramer (R-ND) and Patty Murray (D-WA) joined Senate Bill 4942 as cosponsors on July 28, according to Congress.gov.
The additions give the Senate legislation eight total sponsors, evenly divided between four Democrats and four Republicans.
Senator Jeff Merkley (D-OR) introduced the bill on June 24, with Senators Lisa Murkowski (R-AK), Elizabeth Warren (D-MA) and Steve Daines (R-MT) joining as original cosponsors.
The House version, House Bill 9471, also has eight sponsors: Congressmembers Dave Joyce (R-OH), Jim Himes (D-CT), Warren Davidson (R-OH), Nydia Velázquez (D-NY), Brian Mast (R-FL), Lou Correa (D-CA), Guy Reschenthaler (R-PA) and Dina Titus (D-NV).
Combined, the two versions are backed by eight Democrats and eight Republicans.
The Secure and Fair Enforcement (SAFE) Banking Act of 2026 would establish federal protections for banks, credit unions and other financial institutions that provide services to state-legal marijuana businesses and companies that work with them.
Federal banking regulators would generally be prohibited from penalizing or discouraging financial institutions solely because they serve marijuana businesses operating in compliance with state, tribal or local law. The bill would also protect financial service providers from certain federal criminal prosecution and asset forfeiture.
Supporters have long argued that limited access to traditional banking forces marijuana businesses to rely heavily on cash, increasing the risk of robbery and making financial transactions more difficult to track.
The House has approved previous versions of marijuana banking legislation seven times, but the reform has repeatedly stalled before reaching the president’s desk. The current Senate bill has been referred to the Senate Committee on Banking, Housing and Urban Affairs, while the House version was referred to the Financial Services, Judiciary and Veterans’ Affairs committees.