A Montana House committee has approved a resolution urging the federal government to pass the SAFER Banking Act.
The House Business and Labor Committee voted 12-8 in favor of Senate Joint Resolution 5, which previously passed the full Senate with a 35-14 vote.
The resolution calls for the passage of the Secure and Fair Enforcement Regulation (SAFER) Banking Act, allowing banks and credit unions to provide financial services to state-legal marijuana businesses. This includes debit card transactions, loan access, and the ability to claim standard IRS tax deductions.
The SAFER Banking Act gained bipartisan approval from the Senate Banking Committee in September 2023 but never reached a full Senate vote, despite assurances from then-Senate Leader Chuck Schumer.
A similar bill, the SAFE Banking Act, has cleared the House of Representatives multiple times.
Both of Montana’s U.S. Senators, Steve Daines and Jon Tester, are co-sponsors of the SAFER Banking Act.
