Cannabis Banking Bill Faces Long Odds In Senate

By Satish Kini, Paul Rubin, David Sarratt and David Sewell (October 1, 2019, 5:22 PM EDT) -- On Sept. 25, the U.S. House of Representatives voted 321-103 to pass the Secure and Fair Enforcement Banking Act of 2019.[1] The bill's passage — with substantial bipartisan support — represents a significant win for financial institutions and reform advocates that are seeking changes in the federal law governing marijuana.

The bill now moves to the U.S. Senate, where it will be considered by the Banking Committee and where it is expected to face heightened scrutiny and potential resistance. The odds for this bill becoming law in this session of Congress remain long.

Summary of the SAFE Banking Act

The SAFE...

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