The U.S. Senate Banking, Housing, and Urban Affairs Committee on Sept. 28 amended and advanced a bipartisan bill cosponsored by U.S. Sen. Steve Daines (R-MT) that would ensure all legal businesses, including energy companies, firearm manufacturers, and cannabis businesses, have access to financial institutions. The bill now heads to the full U.S. Senate for action.
“I will continue to work with my colleagues on both sides of the aisle to strengthen this bill for the good of our communities and look forward to seeing it head to the floor,” said Sen. Daines, who on Sept. 20 signed on as the lead original cosponsor of the Secure And Fair Enforcement Regulation (SAFER) Banking Act of 2023, S. 2860.
The measure is sponsored by U.S. Sen. Jeff Merkley (D-OR) and 11 other original cosponsors to create protections for financial institutions that provide financial services to state-sanctioned marijuana businesses and their service providers, according to the text of S. 2860.
“The SAFER Banking Act is a win-win for our Montana communities. On one hand, it’s about keeping our Montana communities safe, reducing the risk of crime and providing much-needed clarity for law enforcement officers,” said Sen. Daines. “It’s also about protecting legal business’ access to financial institutions.”
“Whether it’s a legal cannabis business, a legal gun manufacturer or a legal energy company, no Montana business should be shut out of banks or credit unions because of ideological differences,” he added.
The measure is supported by the Montana Bankers Association and Montana’s Credit Unions.