Secure And Fair Enforcement Banking Act of 2021
- Last Action
- 4/20/2021
Actions
- 2021-04-20Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2021-04-19Motion to reconsider laid on the table Agreed to without objection.
- 2021-04-19On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 321 - 101 (Roll no. 120). (text: CR H1915-1918)
- 2021-04-19Passed/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 - 101 (Roll no. 120).(text: CR H1915-1918)
- 2021-04-19Considered as unfinished business. (consideration: CR H1942-1943)
- 2021-04-19At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
- 2021-04-19DEBATE - The House proceeded with forty minutes of debate on H.R. 1996.
- 2021-04-19Considered under suspension of the rules. (consideration: CR H1915-1924)
- 2021-04-19Mr. Perlmutter moved to suspend the rules and pass the bill, as amended.
- 2021-03-18Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2021-03-18Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2021-03-18Introduced in House
- 2021-03-18Introduced in House
CRS Summary
As of 2021-04-19 (53)
Secure and Fair Enforcement Banking Act of 2021 or the SAFE Banking Act of 2021
This bill generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate cannabis-related business. Prohibited penalties include terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate cannabis-related business and prohibiting or otherwise discouraging a depository institution from offering financial services to such a business.
Additionally, proceeds from a transaction involving activities of a legitimate cannabis-related business are not considered proceeds from unlawful activity. Proceeds from unlawful activity are subject to anti-money laundering laws.
Furthermore, a depository institution is not, under federal law, liable or subject to asset forfeiture for providing a loan or other financial services to a legitimate cannabis-related business.
The bill also provides 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.
Finally, the bill decreases the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)
Cosponsors (20)
- NYDIA VELAZQUEZ (D-NY)
- Steve Stivers (R-OH)
- Warren Davidson (R-OH)
- EARL BLUMENAUER (D-OR)
- BARBARA LEE (D-CA)
- David Joyce (R-OH)
- J. Correa (D-CA)
- CAROLYN MALONEY (D-NY)
- Daniel Meuser (R-PA)
- Sean Casten (D-IL)
- Suzanne Bonamici (D-OR)
- Brenda Lawrence (D-MI)
- Al Lawson (D-FL)
- Jimmy Panetta (D-CA)
- Doris Matsui (D-CA)
- Adriano Espaillat (D-NY)
- Matt Gaetz (R-FL)
- Charlie Crist (D-FL)
- Bonnie Watson Coleman (D-NJ)
- Bill Foster (D-IL)
Subjects
- Administrative law and regulatory procedures
- Asia
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Business records
- Congressional oversight
- Consumer affairs
- Credit and credit markets
- Criminal investigation, prosecution, interrogation
- Department of the Treasury
- Drug trafficking and controlled substances
- Drug, alcohol, tobacco use
- Evidence and witnesses
- Federal Deposit Insurance Corporation (FDIC)
- Federal Reserve System
- Financial services and investments
- Fraud offenses and financial crimes
- Government information and archives
- Government liability
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.