WASHINGTON — The U.S. House of Representatives passed the
SAFE Banking Act with bipartisan support Monday, bringing a safe harbor for financial institutions and contractors to do business with marijuana companies to the Senate.
The chamber passed the bill 321-101, with 106 Republicans voting in favor. That figure has a slightly better approval percentage than when the bill was first voted on in 2019 before languishing in the Republican-controlled Senate. It now faces better odds in front of a Senate split 50-50 but with Vice President Kamala Harris as a tie-breaker, and President Joe Biden in the White House.
The SAFE Banking Act is primarily sponsored by Rep. Ed Perlmutter (D-Arvada).