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ARTICLE · 02 APRIL 2021

SAFE Has Been Re-Introduced With Bipartisan Support

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The SAFE Banking Act is back. First introduced in 2019, the Secure and Fair Enforcement Act ("SAFE") passed in the House but died in the Republican-controlled Senate.

United StatesFinance and Banking
Foley Hoag LLP
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The SAFE Banking Act is back. First introduced in 2019, the Secure and Fair Enforcement Act ("SAFE") passed in the House but died in the Republican-controlled Senate. Now, the bill has been reintroduced in both the House and the Senate with bipartisan support, as well as support from the American Bankers Association. Despite broad support, it remains unclear – and probably unlikely – the legislation could move as a standalone bill without accompanying removal of cannabis from the schedule of controlled substances and restorative justice provisions to expunge or pardon past cannabis offenses.

If passed, SAFE would allow financial institutions to provide services to cannabis clients without fear of federal penalties. SAFE establishes a safe harbor for depository institutions providing financial services to cannabis businesses by prohibiting federal banking regulators from:

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