Title: SAFE Banking Act Definition
Headings: SAFE Banking Act
SAFE Banking Act
What is the SAFE Banking Act?
Key Takeaways
Origins of the SAFE Banking Act
The 2021 SAFE Banking Act
Support for the SAFE Banking Act

Content: 10 The National Association of Attorneys General (NAAG) sent a letter to congressional leadership in May 2019, urging them to pass the SAFE Banking Act. 11
Other organizations that have expressed their support for some version of the bill as of 2021, include state banking associations in every state in the country, Americans for Tax Reform, Credit Union National Association (CUNA), Independent Community Bankers of America (ICBA), Law Enforcement Action Partnership (LEAP), the Electronic Transactions Association (ETA), the Cannabis Trade Federation (CTF), the National Cannabis Roundtable, Mid-Size Bank Coalition of America (MBCA), The Real Estate Roundtable, the National Association of Realtors, and various U.S. trade associations, including the American Land Title Association (ALTA), American Property Casualty Insurance Association (APCIA), and the Reinsurance Association of America (RAA). 12
The bill's sponsors are hopeful that changes in the political landscape could prove favorable for the bill in its latest round of consideration. Sen. Pat Toomey (R-PA), the ranking member of the Senate Banking Committee, for example, has indicated that he is willing to work on the legislation. 13 That, together with the increased support from Republican lawmakers, has led observers to believe the bill may pass. However, it is not a sure thing. The Senate is working on a separate comprehensive marijuana reform bill, led by Senate Majority Leader Chuck Schumer, and President Joseph Biden has seemed slow to embrace cannabis reform. 14