S.2860: Urge Your Members of Congress to Support SAFE Banking
Although the 2018 Farm Bill federally legalized hemp, many farmers and business owners involved in the industry continue to have trouble finding reliable banks, loan providers and credit processors to work with them — especially when it comes to businesses that grow, make or sell hemp-derived cannabidiol (CBD).
The Secure and Fair Enforcement Regulation (SAFER) Banking Act would protect institutions administering financial services to all legal cannabis businesses — including hemp and CBD — by preventing penalization from federal regulators, which would make access to banking, loans, credit processing and other financial-related business necessities available to cannabis operators. Specifically, and thanks to Rep. Andy Barr (R-KY), the latest versions of the SAFE Banking Act explicitly protect individuals or companies operating in the hemp or CBD space.
Now is the time to take action!
The House has passed SAFE Banking in some form on seven separate occasions, only to be stalled by the Senate. After years of lobbying from cannabis operators and advocacy groups like US, the Senate finally took some action on the bill last fall. On September 27th, 2023 the Senate Finance Committee advanced S.2860, the SAFER Banking Act (formerly the SAFE Banking Act), by a bipartisan 14-9 vote, though a vote as never brought to the Senate floor. HOWEVER, Insider reports indicate that we are on the brink of a breakthrough. A recent update from Politico reveals that negotiations on finalizing Section 10 of the bill are, “down to just the last few words.” !
Let’s harness this momentum to ensure that SAFE Banking crosses the finish line.
Your voice holds immense power, and our Senators pay close attention when they hear from their constituents. We kindly request you to spare just a moment of your time to send a prewritten message to your Members of Congress using the form to encourage them to cast a YES vote for S.2860, the SAFER Banking Act.
Your advocacy makes a difference, and together, we can help shape the future of the hemp industry.
