On May 15, the U.S. House of Representatives passed the Heroes Act, the latest COVID-19 pandemic relief bill. Contained in this legislation is language from the SAFE Banking Act, a bill that was passed last year with strong bipartisan support in the House. The SAFE Banking Act would allow legal marijuana businesses access to banking services.
Since the SAFE Banking Act’s passage, the bill has been under consideration in the U.S. Senate. Negotiations remain ongoing in the Senate Banking Committee, and some signs of progress have been shown. A bipartisan coalition of 34 state and territory attorneys general, including Maine Attorney General Aaron Frey, recently sent a letter to Congress to urge the passage of this important legislation.
The Heroes Act represents the next round of pandemic relief to be negotiated by Congress and the White House. The bill is very unlikely to pass in the Senate in its current form, however, it is an encouraging sign that lawmakers continue to make the SAFE Banking Act a priority.