A bipartisan bill that would address banking issues in the marijuana industry was officially filed on Thursday.
The legislation—led by by Reps. Ed Perlmutter (D-CO), Denny Heck (D-WA), Steve Stivers (R-O) and Warren Davidson (R-OH)—would shield financial institutions from being penalized by federal regulators for servicing cannabis and cannabis-adjacent businesses.
The bill, titled the Secure and Fair Enforcement (SAFE) Banking Act, explicitly stipulates that proceeds from transactions conducted by marijuana companies “shall not be considered as proceeds from an unlawful activity solely because the transaction was conducted by a cannabis-related legitimate business or service provider.”