All Information (Except Text) for S.1200 - SAFE Banking Act of 2019116th Congress (2019-2020)
|Sponsor:||Sen. Merkley, Jeff [D-OR] (Introduced 04/11/2019)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 04/11/2019 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Short Titles - Senate
Short Title(s) as Introduced
SAFE Banking Act of 2019
Secure And Fair Enforcement Banking Act of 2019
Actions Overview (1)
|04/11/2019||Introduced in Senate|
04/11/2019 Introduced in Senate
All Actions (1)
|04/11/2019||Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
Action By: Senate
04/11/2019 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
|Committee / Subcommittee||Date||Activity||Related Documents|
|Senate Banking, Housing, and Urban Affairs||04/11/2019||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Congressional oversight
- Credit and credit markets
- Criminal investigation, prosecution, interrogation
- Drug trafficking and controlled substances
- Drug, alcohol, tobacco use
- Federal Reserve System
- Financial services and investments
- Fraud offenses and financial crimes
- Government liability
- Government studies and investigations
- Insurance industry and regulation
- Licensing and registrations
- Minority and disadvantaged businesses
- Organized crime
- Women in business
Latest Summary (1)
Introduced in Senate (04/11/2019)
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-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-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 or a Federal Reserve bank shall not, under federal law, be liable or subject to forfeiture for providing a loan or other financial services to a legitimate marijuana-related business.
The Government Accountability Office must report on (1) access to financial services for minority-owned and women-owned marijuana-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.