Monday marks the 10-year anniversary of the first filing of a congressional marijuana banking bill that’s now known as the Secure and Fair Enforcement (SAFE) Banking Act—a milestone that comes as lawmakers prepare once again to try and advance the reform in what they hope will be the final push needed to enact it into law.
The cannabis banking legislation has evolved significant since its first introduction in the 113th Congress in 2013, when it was sponsored by former Rep. Ed Perlmutter (D-CO) and titled the Marijuana Businesses Access to Banking Act. It’s grown from seven to 38 pages as the prospects of enactment increased and experts in the financial services industry helped take what was effectively a messaging bill upon its initial introduction and revised its provisions to give it more practical impact.
The country’s first adult-use marijuana retailers weren’t even open when the legislation was first filed. But with 23 states now having legalized cannabis—and the vast majority having medical marijuana programs in place—bipartisan lawmakers have worked to convey the urgency of passing the bill for the growing industry.
On the House side, the SAFE Banking Act has been approved in some form seven times over recent sessions.
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