Which US Senators Have Signed Their Names to the SAFER Banking Act of 2023?

This article was published Oct. 4, 2023, and most recently updated Feb. 29, 2024. 

As the list of U.S. senators co-sponsoring the SAFER Banking Act continues to grow ahead of a potential floor vote, Cannabis Business Times will continue to update this page regularly.

As of Feb. 28, 2024, there are 36 lawmakers signed on in support of the Secure and Fair Enforcement Regulation (SAFER) Banking Act (S. 2860), which was introduced Sept. 20, 2023, as revised legislation to the SAFE Banking Act. The new legislation, like its predecessor, intends to provide safe harbor for financial institutions wishing to serve state-licensed cannabis businesses.

The bill also prohibits a federal banking regulator from requesting or requiring a depository institution to terminate a deposit account unless (1) there is a valid reason, such as the regulator has cause to believe that the depository institution is engaging in an unsafe or unsound practice; and (2) “reputational risk” is not the dispositive factor.

Additionally, proceeds from a transaction involving activities of a state-sanctioned cannabis business would no longer be considered proceeds from unlawful activity under federal law. More details on the bill are here.

The SAFER Banking Act passed the Senate Banking Committee via a 14-9 vote Sept. 27 and was placed on the Senate legislative calendar under general orders as calendar No. 215 the following day. A pending floor vote is now in Senate Majority Leader Chuck Schumer’s hands.

To date, four Republicans, 29 Democrats and three Independents back the bill with sponsorship.

Below is the (fluid) list of the 36 senators who have signed their names to the legislation.

Lead Sponsors (who introduced the bill):

• Jeff Merkley, D-Ore.
• Steve Daines, R-Mont.
• Chuck Schumer, D-N.Y.
• Kyrsten Sinema, I-Ariz.
• Cynthia Lummis, R-Wyo.
  

Original Co-Sponsors (from Sept. 20 filing):

• Cory Booker, D-N.J.
• Kevin Cramer, R-N.D.
• John Fetterman, D-Pa.
• Angus King, I-Maine
• Bob Menendez, D-N.J.
• Jacky Rosen, D-Nev.
• Dan Sullivan, R-Ark.
• Ron Wyden, D-Ore.
  

Additional Co-Sponsors:

• Tammy Baldwin, D-Wis. (Oct. 18)
• Michael Bennet, D-Colo. (Sept. 30)
• Maria Cantwell, D-Wash. (Feb. 28)
• Chris Coons, D-Del. (Oct. 3)
• Catherine Cortez Mastro, D-Nev. (Sept. 26)
• Tammy Duckworth, D-Ill. (Sept. 26)
• Kirsten Gillibrand, D-N.Y. (Sept. 26)
• Martin Heinrich, D-Minn. (Sept. 28)
• John Hickenlooper, D-Colo. (Oct. 4)
• Mazie Hirono, D-Hawaii (Sept. 26)
• Tim Kaine, D-Va. (Oct. 3)
• Mark Kelly, D-Ariz. (Sept. 26)
• Amy Klobuchar, D-Minn. (Sept. 26)
• Ben Ray Lujan, D-N.M. (Oct. 4)
• Patty Murray, D-Wash. (Sept. 26)
• Alex Padilla, D-Calif. (Nov. 1)
• Gary Peters, D-Mich. (Sept. 28)
• Bernie Sanders, I-Vt. (Nov. 1)
• Brian Schatz, D-Hawaii (Nov. 1)
• Debbie Stabenow, D-Mich. (Oct. 4)
• Tina Smith, D-Minn. (Sept. 26)
• Jon Tester, D-Mont. (Sept. 26)
• Elizabeth Warren, D-Mass. (Sept. 26)