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H.R. 1595: SAFE Banking Act of 2019

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H.R. 1595: SAFE Banking Act of 2019

116th Congress · introduced 2019-03-07 · Finance and Financial Sector · Latest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2019-03-07 · official record
  2. Who proposed it: Rep. Perlmutter, Ed [D-CO-7] · what a sponsor is
  3. What happened next: 1 recorded vote in our records. Latest: House roll call 544 (2019): On Motion to Suspend the Rules and Pass, as Amended, HR1595 (2019-09-25), Passed. See all
  4. Where it stands now: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

SAFE Banking Act of 2019

Plain summary

Secure and Fair Enforcement Banking Act of 2019 or the SAFE Banking Act of 2019 This bill generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate marijuana- or hemp-related business. Specifically, the bill prohibits a federal banking regulator from (1) terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate marijuana- or hemp-related business; (2) prohibiting or otherwise discouraging a depository institution from offering financial services to such a business; (3) recommending, incentivizing, or encouraging a depository institution not to offer financial services to an account holder solely because the account holder is affiliated with such a business; (4) taking any adverse or corrective supervisory action on a loan made to a person solely because the person either owns such a business or owns real estate or equipment leased or sold to such a business; or (5) penalizing a depository institution for engaging in a financial service for such a business. As specified by the bill, a depository institution, a Federal Reserve bank, or an insurer shall not, under federal law, be liable or subject to forfeiture for providing a loan or other financial services to a legitimate marijuana- or hemp-related business. The bill specifies that a federal banking agency may not request or order a depository institution to terminate a customer account unless (1) the agency has a valid reason for doing so, and (2) that reason is not based solely on reputation risk. Valid reasons for terminating an account include threats to national security and involvement in terrorist financing, including state sponsorship of terrorism. The Government Accountability Office must report on (1) access to financial services for minority-owned and women-owned marijuana- or hemp-related businesses; and (2) the effectiveness of suspicious-transaction reports at finding engagement with organized criminal activity in jurisdictions that allow the cultivation, sale, or distribution of marijuana.

Congressional Research Service summary (Passed House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

SAFE Banking Act of 2019

Source: Congressional Research Service summary (Passed House)

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The strongest published arguments

Arguments for (supporters)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Perlmutter, Ed [D-CO-7] · 206 cosponsors

Cost estimate: CBO cost estimate: H.R. 1595, SAFE Banking Act of 2019 (2019-05-24)

Cosponsors on this site

Warren Davidson (R-OH), Pete Aguilar (D-CA), Nanette Diaz Barragán (D-CA), Donald S. Beyer, Jr. (D-VA), Suzanne Bonamici (D-OR), Brendan F. Boyle (D-PA), Julia Brownley (D-CA), Salud O. Carbajal (D-CA), Kathy Castor (D-FL), Gilbert Ray Cisneros, Jr. (D-CA), Katherine M. Clark (D-MA), Yvette D. Clarke (D-NY), Steve Cohen (D-TN), J. Luis Correa (D-CA), Joe Courtney (D-CT), Jason Crow (D-CO), Diana DeGette (D-CO), Rosa L. DeLauro (D-CT), Suzan K. DelBene (D-WA), Mark DeSaulnier (D-CA), Adriano Espaillat (D-NY), Bill Foster (D-IL), Ruben Gallego (D-AZ), Jesús G. "Chuy" García (D-IL), Jimmy Gomez (D-CA), Vicente Gonzalez (D-TX), Steven Horsford (D-NV), Jared Huffman (D-CA), Pramila Jayapal (D-WA), Henry C. "Hank" Johnson, Jr. (D-GA), Ro Khanna (D-CA), Raja Krishnamoorthi (D-IL), Susie Lee (D-NV), Mike Levin (D-CA), Ted Lieu (D-CA), Ben Ray Luján (D-NM), Doris O. Matsui (D-CA) and 146 more.

Recorded votes

Words on this page, explained (2)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Securities
Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong116-hr1595 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116