A bipartisan group of lawmakers has renewed the push to let banks serve state-legal cannabis businesses without fear of federal penalties.
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A bipartisan group of federal lawmakers on Thursday refiled legislation to ease banking restrictions on regulated cannabis businesses. Known as the Secure and Fair Enforcement (SAFE) Banking Act of 2026, the legislation was filed in both the U.S. Senate and the House of Representatives, Marijuana Moment reported.
The SAFE Banking Act is intended to ease access to banking services for cannabis businesses operating legally under state and tribal law. Many banks have been reluctant to serve such businesses because of the continued prohibition of cannabis at the federal level, leaving many operators to conduct most transactions with cash.
The Senate version of the legislation, S.4942, is sponsored by Democratic Sen. Jeff Merkley of Oregon and cosponsored by fellow Democrat Sen. Elizabeth Warren of Massachusetts and Republicans Sen. Lisa Murkowski of Alaska and Sen. Steve Daines of Montana.
“Legal cannabis businesses operating in all-cash is dangerous for our communities—encouraging criminal activity like robberies, money laundering, and organized crime. It’s past time we ensure legal businesses can access the financial services they need to help keep their employees, their businesses, and their communities safe,” Merkley said in a June 25 press release. “The SAFE Banking Act is a common-sense, bipartisan solution, and I’ll keep working with both Republicans and Democrats to advance this reform.”
Previous versions of the SAFE Banking Act have been introduced in Congress, with the House of Representatives voting to pass the legislation seven times. The Senate, however, has so far declined to approve the reform.
Ohio Republican Rep. Dave Joyce reintroduced the measure in the House (H.R.9471), with co-sponsorship from Democrats Rep. Lou Correa of California, Connecticut Rep. Jim Himes, Rep. Dina Titus of Nevada, and Rep. Nydia Velázquez of New York. GOP cosponsors include Rep. Warren Davidson of Ohio, and Rep. Guy Reschenthaler of Pennsylvania.
“This legislation would provide access to capital and the necessary financial services to operate a successful business and keep communities safe,” Joyce said in a statement on Thursday. “By introducing the SAFE Banking Act, Congress is showing its commitment to supporting small businesses and implementing commonsense cannabis policies that respect states’ rights to regulate the industry. I want to thank my colleagues for their hard work on this bicameral, bipartisan piece of legislation.”
The SAFE Banking Act is supported by cannabis industry operators, who would gain easier access to capital and traditional banking services. The financial services industry also backs the legislation, which would offer banks safe harbor and regulatory clarity to offer banking products and services to marijuana operators.
Michael Cooper, policy chair for the National Cannabis Industry Association, said that the current financial infrastructure forces operators, particularly small businesses, to accept and manage unnecessary risk.
“Due to continued conflicts between state and federal cannabis laws, access to financial services remains severely limited for a highly regulated industry that is operating in the vast majority of the United States,” Cooper said in an emailed statement from the trade group. “The current lack of access to the same financial resources that all other legal industries utilize most adversely affects small and minority-owned businesses and only serves to fuel an unregulated illicit market. This bipartisan, common-sense bill would protect those financial institutions who choose to service our regulated industry, lowering risks for banks and expanding access to operators to enhance public safety.”
“For years, the conflict between state and federal cannabis laws has left many cannabis businesses operating in cash, creating significant public safety risks in states where it’s been legalized,” said Rob Nichols, American Bankers Association president and CEO. “The SAFE Banking Act would provide banks with a clear federal safe harbor, allowing them to serve state-legal businesses while increasing transparency for law enforcement and reducing risks to the public.”
The House version of the SAFE Banking Act of 2026 has been referred to the Committee on Financial Services, the Committees on the Judiciary, and the Veterans’ Affairs. The Senate Banking, Housing, and Urban Affairs Committee will consider the legislation in the upper chamber of Congress.
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