Joyce, Colleagues Reintroduce SAFE Banking Act

WASHINGTON, D.C. – Today, Representatives Dave Joyce (OH-14), Jim Himes (CT-04), Warren Davidson (OH-08), Nydia Velázquez (NY-07), Brian Mast (FL-21), Lou Correa (CA-46), Guy Reschenthaler (PA-14), and Dina Titus (NV-01) introduced the Secure and Fair Enforcement (SAFE) Banking Act of 2026. This bill would ensure that state-legal cannabis businesses have access to critical banking and financial services.

“State-licensed cannabis businesses employ thousands of Americans and generate significant tax revenue, yet many remain effectively shut out of the traditional banking system. Forcing businesses to operate in cash not only hinders economic growth, but it also opens the doors for illegal activity like money laundering and organized crime,” said Congressman Dave Joyce, Co-Chair of the Congressional Cannabis Caucus. “This legislation would provide access to capital and the necessary financial services to operate a successful business and keep communities safe. 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.”

“It’s long overdue that the federal government eliminate its unfair prohibition on state-legal cannabis businesses utilizing basic banking services,” said Congressman Jim Himes. “Forcing legal businesses and their customers to operate exclusively in cash is nonsensical and dangerous, exposing both to unnecessary danger and hindering commerce in a growing industry. This bill would provide certainty for the legal cannabis industry and allow it to serve its customers without fear of federal punishment for conducting legitimate business.”

“Businesses operating legally under state law should not be forced into a cash-only system or denied basic financial services,” said Congressman Warren Davidson. “The SAFE Banking Act reduces the risks created by cash-only operations and gives financial institutions clear rules while protecting them from politically motivated regulatory retaliation. Banks should be free to serve lawful customers without interference from Washington.”

“For too long, legal cannabis businesses have been shut out of the traditional banking system, forced into risky alternatives and made targets for crime. These small businesses are creating jobs and stimulating local economies. They deserve the same access to banking that every other lawful business already enjoys. I am proud to join my colleagues in introducing the SAFE Banking Act, a commonsense, bipartisan bill that will help create jobs throughout the country and grow our economy,” said Congresswoman Nydia M. Velázquez, Ranking Member of the House Small Business Committee.

“The Constitution tells us what the federal government is responsible for, and anything it doesn’t spell out is left to each state to decide. That’s the principle at stake when it comes to cannabis laws. Forcing law-abiding businesses to operate on cash alone turns them and their customers into targets for crime. The SAFE Banking Act brings those dollars into a system where they can be tracked and kept away from criminals. It’s about respecting the states and protecting public safety,” said Congressman Brian Mast, Co-Chair of the Congressional Cannabis Caucus. 

“Right now, legal cannabis companies are forced to operate using cash only, and that’s no way to run a business since it puts both business owners and the community at risk,” said Congressman Lou Correa. “I am pleased to join my colleagues in introducing this bipartisan, commonsense legislation to fix this and make sure legal cannabis companies have access to the same banking services as everyone else.”

“This legislation will protect livelihoods and strengthen an industry that employs over 400,000 Americans,” said Congresswoman Dina Titus. “The SAFE Banking Act is a critical step towards ending outdated federal barriers that put legitimate cannabis businesses at a disadvantage. This bill will give them access to traditional financial services and provide “safe harbor” protections to financial institutions, lenders, insurers, and others serving the industry, ensuring they are not penalized for working with cannabis businesses.”

“We applaud today’s re-introduction of the SAFE Banking Act and urge Congress to advance this bipartisan legislation so banks can finally provide financial services to state-licensed cannabis businesses, as well as the growing number of accountants, skilled trades, landlords, law firms, and other service providers they rely on to do business. 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. 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,” said Rob Nichols, President and CEO of the American Bankers Association. “We commend Representative Joyce, Senator Merkley and all of the co-sponsors for their leadership in moving this commonsense solution forward and stand ready to work with Congress to see it signed into law.”

Background:

Most state-legal cannabis businesses, both medicinal and recreational, are denied access to banking and financial services, as banks fear they may be prosecuted under federal law due to federal restrictions on cannabis. In turn, these businesses are forced to operate in cash, leaving them susceptible to criminal activities like money laundering, tax evasion, and armed robbery. With the majority of the U.S. population living in a state with some version of medicinal or recreational cannabis programs, these restrictions negatively affect thousands of small businesses across the country.

The SAFE Banking Act would address these concerns by preventing federal banking regulators from restricting access to financial services to state-legal cannabis companies. Specifically, this bill would prevent these regulators from:

• Prohibiting or discouraging a bank from providing financial services to a state-legal cannabis business,
• Terminating or limiting a bank’s federal deposit insurance primarily because the bank is providing services to a state-legal cannabis business.
• Recommending or incentivizing a bank to halt or downgrade providing any kind of banking services to these businesses.
• Taking any action on a loan to an owner or operator of a state-legal cannabis business.

This legislation would also require banks to comply with guidance from the Financial Crimes Enforcement Network (FinCen), as well as protect those who provide financial services to state-legal cannabis businesses from criminal prosecution or asset forfeiture. This extends to Community Development Financial Institutions (CDFI) and Minority Depository Institutions (MDI) to ensure they can also serve cannabis businesses.

The SAFE Banking Act has passed the House seven times with broad bipartisan support.

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