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September 27, 2023

Senate coalition clears the SAFER Banking Act

Chairman Sherrod Brown, D-Ohio, arrives for the Senate Banking, Housing and Urban Affairs Committee hearing.

The Senate Banking Committee advanced a bill that would provide a regulatory safe harbor for banks to work with state-legal cannabis companies, an effort more than a decade in the making.

The package, now titled the Secure and Fair Enforcement Regulation Banking Act, cleared the committee with bipartisan backing from three Republicans – Sens. Steve Daines (Mont.), Cynthia Lummis (Wyo.) and Kevin Cramer (N.D.).

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