On Tuesday, House Financial Services Committee Chair Maxine Waters (D-Los Angeles) announced the Committee will hold a markup for HR 1595, the SAFE Banking Act, on March 26, 2019. The SAFE Banking Act would lift the federal prohibition on cannabis banking, and allow banks to provide financial services to cannabis-related businesses.
HR 1595 has 138 cosponsors and support from Representative Waters. HR 1595 is expected to pass out of the Committee, and the original cosponsors believe the bill could reach the House floor by summer. Senator Jeff Merkley (D-Oregon) is expected to introduce a Senate version of the bill later this year. The path forward in the Senate is unclear for cannabis banking. A companion version of the SAFE Banking Act should have support among Republicans who represent states where cannabis has been legalized but it is uncertain whether Majority Leader Mitch McConnell (R-Kentucky) would allow the bill to reach the Senate floor.