HOUSE 1595116th CongressReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

SAFE Banking Act of 2019

Last Action: 9/26/2019

Actions

2019-09-26Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2019-09-25Motion to reconsider laid on the table Agreed to without objection.
2019-09-25On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 321 - 103 (Roll no. 544). (text: CR H7962-7964)
2019-09-25Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 321 - 103 (Roll no. 544).(text: CR H7962-7964)
2019-09-25DEBATE - The House proceeded with forty minutes of debate on H.R. 1595.
2019-09-25Considered under suspension of the rules. (consideration: CR H7962-7974)
2019-09-25Mr. Perlmutter moved to suspend the rules and pass the bill, as amended.
2019-06-05Placed on the Union Calendar, Calendar No. 78.
2019-06-05Committee on the Judiciary discharged.
2019-06-05Committee on the Judiciary discharged.
2019-06-05Reported (Amended) by the Committee on Financial Services. H. Rept. 116-104, Part I.
2019-06-05Reported (Amended) by the Committee on Financial Services. H. Rept. 116-104, Part I.
2019-04-08Referred to the Subcommittee on Crime, Terrorism, and Homeland Security.
2019-03-28Ordered to be Reported (Amended) by the Yeas and Nays: 45 - 15.
2019-03-28Committee Consideration and Mark-up Session Held.

Showing 15 of 20 actions. Full history on Congress.gov.

CRS Summary

As of 2019-09-25 (53)

Secure and Fair Enforcement Banking Act of 2019 or the SAFE Banking Act of 2019

This bill generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate marijuana- or hemp-related business. Specifically, the bill prohibits a federal banking regulator from (1) terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate marijuana- or hemp-related business; (2) prohibiting or otherwise discouraging a depository institution from offering financial services to such a business; (3) recommending, incentivizing, or encouraging a depository institution not to offer financial services to an account holder solely because the account holder is affiliated with such a business; (4) taking any adverse or corrective supervisory action on a loan made to a person solely because the person either owns such a business or owns real estate or equipment leased or sold to such a business; or (5) penalizing a depository institution for engaging in a financial service for such a business.

As specified by the bill, a depository institution, a Federal Reserve bank, or an insurer shall not, under federal law, be liable or subject to forfeiture for providing a loan or other financial services to a legitimate marijuana- or hemp-related business.

The bill specifies that a federal banking agency may not request or order a depository institution to terminate a customer account unless (1) the agency has a valid reason for doing so, and (2) that reason is not based solely on reputation risk. Valid reasons for terminating an account include threats to national security and involvement in terrorist financing, including state sponsorship of terrorism.

The Government Accountability Office must report on (1) access to financial services for minority-owned and women-owned marijuana- or hemp-related businesses; and (2) the effectiveness of suspicious-transaction reports at finding engagement with organized criminal activity in jurisdictions that allow the cultivation, sale, or distribution of marijuana.

Cosponsors (20)

Denny Heck (D-WA)
Steve Stivers (R-OH)
Warren Davidson (R-OH)
Pete Aguilar (D-CA)
Nanette Barragan (D-CA)
Donald Beyer (D-VA)
EARL BLUMENAUER (D-OR)
Suzanne Bonamici (D-OR)
Brendan Boyle (D-PA)
Anthony Brown (D-MD)
Julia Brownley (D-CA)
Salud Carbajal (D-CA)
Tony Cárdenas (D-CA)
Matt Cartwright (D-PA)
Kathy Castor (D-FL)
David Cicilline (D-RI)
Gilbert Cisneros (D-CA)
Katherine Clark (D-MA)
Yvette Clarke (D-NY)
Steve Cohen (D-TN)

Subjects

Asia
Bank accounts, deposits, capital
Banking and financial institutions regulation
Business records
Congressional oversight
Credit and credit markets
Criminal investigation, prosecution, interrogation
Criminal justice information and records
Drug trafficking and controlled substances
Drug, alcohol, tobacco use
Financial services and investments
Fraud offenses and financial crimes
Government information and archives
Government studies and investigations
Iran
Middle East
Minority and disadvantaged businesses
North Korea
Syria

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