Milestone For SAFE[R] Banking

Yesterday, the Senate Committee on Banking, Housing, and Urban Affairs reported the Secure and Fair Enforcement Regulation ("SAFER") Banking Act, formerly known as the SAFE Banking Act, out of committee by a vote tally of 14-9. Although the House of Representatives approved the SAFE Banking Act seven times over the past several years, it never made any traction in the Senate. That changed with yesterday's vote, marking the first time that any version of the bill was sent to the Senate floor. The Chairman of the committee, U.S. Senator Sherrod Brown (D-OH), expressed his satisfaction with the result, stating that this "bipartisan bill is necessary" to "make it safer for legal cannabis businesses and service providers to operate in their communities and protect their workers."¹