H.R. 1996: SAFE Banking Act of 2021

117th Congress · introduced 2021-03-18 · 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

Where it came from: introduced 2021-03-18 · official record
Who proposed it: Rep. Perlmutter, Ed [D-CO-7] · what a sponsor is
What happened next: 1 recorded vote in our records. Latest: House roll call 120 (2021): On Motion to Suspend the Rules and Pass, as Amended, HR1996 (2021-04-19), Passed. See all
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.
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 2021

Plain summary

Secure and Fair Enforcement Banking Act of 2021 or the SAFE Banking Act of 2021 This bill generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate cannabis-related business. Prohibited penalties include terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate cannabis-related business and prohibiting or otherwise discouraging a depository institution from offering financial services to such a business. Additionally, proceeds from a transaction involving activities of a legitimate cannabis-related business are not considered proceeds from unlawful activity. Proceeds from unlawful activity are subject to anti-money laundering laws. Furthermore, a depository institution is not, under federal law, liable or subject to asset forfeiture for providing a loan or other financial services to a legitimate cannabis-related business. The bill also provides 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. Finally, the bill decreases the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)

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 2021

Source: Congressional Research Service summary (Passed House)

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The strongest published arguments

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

Officials and money

Sponsor: Rep. Perlmutter, Ed [D-CO-7] · 180 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Nydia M. Velázquez (D-NY), Warren Davidson (R-OH), David P. Joyce (R-OH), J. Luis Correa (D-CA), Daniel Meuser (R-PA), Sean Casten (D-IL), Suzanne Bonamici (D-OR), Jimmy Panetta (D-CA), Doris O. Matsui (D-CA), Adriano Espaillat (D-NY), Bonnie Watson Coleman (D-NJ), Bill Foster (D-IL), Juan Vargas (D-CA), Yvette D. Clarke (D-NY), Chrissy Houlahan (D-PA), Haley M. Stevens (D-MI), Eleanor Holmes Norton (D-DC), Elissa Slotkin (D-MI), Dina Titus (D-NV), Peter Welch (D-VT), Brad Sherman (D-CA), Julia Brownley (D-CA), Salud O. Carbajal (D-CA), Jared Huffman (D-CA), Joe Neguse (D-CO), Marilyn Strickland (D-WA), Jesús G. "Chuy" García (D-IL), Dwight Evans (D-PA), Gwen Moore (D-WI), Katherine M. Clark (D-MA), Gregory W. Meeks (D-NY), Madeleine Dean (D-PA), Paul Tonko (D-NY), Janice D. Schakowsky (D-IL), Ruben Gallego (D-AZ), Lisa Blunt Rochester (D-DE), Rashida Tlaib (D-MI), Scott H. Peters (D-CA), Lori Trahan (D-MA), Debbie Dingell (D-MI), Guy Reschenthaler (R-PA), Mike Thompson (D-CA), Diana DeGette (D-CO), Mary Gay Scanlon (D-PA) and 120 more.

Recorded votes

House roll call 120 (2021): On Motion to Suspend the Rules and Pass, as Amended, HR1996 (2021-04-19): Passed

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

Congressional Research Service summary (Passed House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-117hr1996.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/117/hr>

Record fed-us-cong117-hr1996 · catalog fed-us-congress-bills-cong117 · updated 2026-11-15 by psicol fed-bills-cong117