Legis Daily

SAFE Banking Act of 2019

USA116th CongressS-1200| Senate 
| Updated: 4/11/2019
Jeff Merkley

Jeff Merkley

Democratic Senator

Oregon

Cosponsors (34)
Mazie K. Hirono (Democratic)Tammy Duckworth (Democratic)Dan Sullivan (Republican)Tom Udall (Democratic)Catherine Cortez Masto (Democratic)Patrick J. Leahy (Democratic)Richard J. Durbin (Democratic)Edward J. Markey (Democratic)Kirsten E. Gillibrand (Democratic)Elizabeth Warren (Democratic)Kamala D. Harris (Democratic)Mark R. Warner (Democratic)Angus S. King (Independent)Amy Klobuchar (Democratic)Rand Paul (Republican)Tim Kaine (Democratic)Kyrsten Sinema (Independent)Jacky Rosen (Democratic)Kevin Cramer (Republican)Christopher Murphy (Democratic)Jon Tester (Democratic)Martin Heinrich (Democratic)Michael F. Bennet (Democratic)Patty Murray (Democratic)Tina Smith (Democratic)Bernard Sanders (Independent)Brian Schatz (Democratic)Tammy Baldwin (Democratic)Robert Menendez (Democratic)Gary C. Peters (Democratic)Cory Gardner (Republican)Ron Wyden (Democratic)Richard Blumenthal (Democratic)Lisa Murkowski (Republican)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Secure and Fair Enforcement Banking Act of 2019 or the SAFE Banking Act of 2019 This bill generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate marijuana-related business. Specifically, the bill prohibits a federal banking regulator from (1) terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate marijuana-related business; (2) prohibiting or otherwise discouraging a depository institution from offering financial services to such a business; (3) recommending, incentivizing, or encouraging a depository institution not to offer financial services to an account holder solely because the account holder is affiliated with such a business; (4) taking any adverse or corrective supervisory action on a loan made to a person solely because the person either owns such a business or owns real estate or equipment leased or sold to such a business; or (5) penalizing a depository institution for engaging in a financial service for such a business. As specified by the bill, a depository institution or a Federal Reserve bank shall not, under federal law, be liable or subject to forfeiture for providing a loan or other financial services to a legitimate marijuana-related business. The Government Accountability Office must report on (1) access to financial services for minority-owned and women-owned marijuana-related businesses; and (2) the effectiveness of suspicious-transaction reports at finding engagement with organized criminal activity in jurisdictions that allow the cultivation, sale, or distribution of marijuana.
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Timeline
Apr 11, 2019
Introduced in Senate
Apr 11, 2019
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sep 26, 2019

Latest Companion Bill Action

HR 116-1595
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • April 11, 2019
    Introduced in Senate


  • April 11, 2019
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • September 26, 2019

    Latest Companion Bill Action

    HR 116-1595
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Finance and Financial Sector

Related Bills

  • HR 116-6800: The Heroes Act
  • HR 116-1595: SAFE Banking Act of 2019
Bank accounts, deposits, capitalBanking and financial institutions regulationCongressional oversightCredit and credit marketsCriminal investigation, prosecution, interrogationDrug, alcohol, tobacco useDrug trafficking and controlled substancesFederal Reserve SystemFinancial services and investmentsFraud offenses and financial crimesGovernment liabilityGovernment studies and investigationsInsurance industry and regulationLicensing and registrationsMinority and disadvantaged businessesOrganized crimeWomen in business

SAFE Banking Act of 2019

USA116th CongressS-1200| Senate 
| Updated: 4/11/2019
Secure and Fair Enforcement Banking Act of 2019 or the SAFE Banking Act of 2019 This bill generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate marijuana-related business. Specifically, the bill prohibits a federal banking regulator from (1) terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate marijuana-related business; (2) prohibiting or otherwise discouraging a depository institution from offering financial services to such a business; (3) recommending, incentivizing, or encouraging a depository institution not to offer financial services to an account holder solely because the account holder is affiliated with such a business; (4) taking any adverse or corrective supervisory action on a loan made to a person solely because the person either owns such a business or owns real estate or equipment leased or sold to such a business; or (5) penalizing a depository institution for engaging in a financial service for such a business. As specified by the bill, a depository institution or a Federal Reserve bank shall not, under federal law, be liable or subject to forfeiture for providing a loan or other financial services to a legitimate marijuana-related business. The Government Accountability Office must report on (1) access to financial services for minority-owned and women-owned marijuana-related businesses; and (2) the effectiveness of suspicious-transaction reports at finding engagement with organized criminal activity in jurisdictions that allow the cultivation, sale, or distribution of marijuana.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Apr 11, 2019
Introduced in Senate
Apr 11, 2019
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sep 26, 2019

Latest Companion Bill Action

HR 116-1595
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • April 11, 2019
    Introduced in Senate


  • April 11, 2019
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • September 26, 2019

    Latest Companion Bill Action

    HR 116-1595
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jeff Merkley

Jeff Merkley

Democratic Senator

Oregon

Cosponsors (34)
Mazie K. Hirono (Democratic)Tammy Duckworth (Democratic)Dan Sullivan (Republican)Tom Udall (Democratic)Catherine Cortez Masto (Democratic)Patrick J. Leahy (Democratic)Richard J. Durbin (Democratic)Edward J. Markey (Democratic)Kirsten E. Gillibrand (Democratic)Elizabeth Warren (Democratic)Kamala D. Harris (Democratic)Mark R. Warner (Democratic)Angus S. King (Independent)Amy Klobuchar (Democratic)Rand Paul (Republican)Tim Kaine (Democratic)Kyrsten Sinema (Independent)Jacky Rosen (Democratic)Kevin Cramer (Republican)Christopher Murphy (Democratic)Jon Tester (Democratic)Martin Heinrich (Democratic)Michael F. Bennet (Democratic)Patty Murray (Democratic)Tina Smith (Democratic)Bernard Sanders (Independent)Brian Schatz (Democratic)Tammy Baldwin (Democratic)Robert Menendez (Democratic)Gary C. Peters (Democratic)Cory Gardner (Republican)Ron Wyden (Democratic)Richard Blumenthal (Democratic)Lisa Murkowski (Republican)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

Related Bills

  • HR 116-6800: The Heroes Act
  • HR 116-1595: SAFE Banking Act of 2019
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Bank accounts, deposits, capitalBanking and financial institutions regulationCongressional oversightCredit and credit marketsCriminal investigation, prosecution, interrogationDrug, alcohol, tobacco useDrug trafficking and controlled substancesFederal Reserve SystemFinancial services and investmentsFraud offenses and financial crimesGovernment liabilityGovernment studies and investigationsInsurance industry and regulationLicensing and registrationsMinority and disadvantaged businessesOrganized crimeWomen in business