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S. 910: SAFE Banking Act of 2021

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S. 910: SAFE Banking Act of 2021

117th Congress · introduced 2021-03-23 · Finance and Financial Sector · Latest: Committee on Banking, Housing, and Urban Affairs. Hearings held.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2021-03-23 · official record
  2. Who proposed it: Sen. Merkley, Jeff [D-OR] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Committee on Banking, Housing, and Urban Affairs. Hearings held. 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 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.

Congressional Research Service summary (Introduced in Senate), 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 (Introduced in Senate)

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The strongest published arguments

Arguments for (supporters)

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Arguments against (opponents)

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Alternatives

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

Officials and money

Sponsor: Sen. Merkley, Jeff [D-OR] · 42 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Steve Daines (R-MT), Edward J. Markey (D-MA), Alex Padilla (D-CA), Richard J. Durbin (D-IL), Ron Wyden (D-OR), Mazie K. Hirono (D-HI), Tina Smith (D-MN), Angus S. King, Jr. (I-ME), Catherine Cortez Masto (D-NV), Michael F. Bennet (D-CO), Jacky Rosen (D-NV), Kevin Cramer (R-ND), Dan Sullivan (R-AK), Kirsten E. Gillibrand (D-NY), Elizabeth Warren (D-MA), Christopher Murphy (D-CT), Gary C. Peters (D-MI), Bernard Sanders (I-VT), Brian Schatz (D-HI), Patty Murray (D-WA), Amy Klobuchar (D-MN), Rand Paul (R-KY), Bill Cassidy (R-LA), Cynthia M. Lummis (R-WY), Lisa Murkowski (R-AK), Tammy Duckworth (D-IL), John W. Hickenlooper (D-CO), Ben Ray Luján (D-NM), Tim Kaine (D-VA), Mark R. Warner (D-VA), Tammy Baldwin (D-WI), Mark Kelly (D-AZ), Susan M. Collins (R-ME), Christopher A. Coons (D-DE), Martin Heinrich (D-NM)

Sponsor's campaign money: Sen. Merkley, Jeff [D-OR] reported raising $5.4 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

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-cong117-s910 · catalog fed-us-congress-bills-cong117 · updated 2026-11-15 by psicol fed-bills-cong117