| The fight to provide clarity and safe harbor to financial institutions servicing cannabis clients is far from over, but it took a disappointing—although maybe not unexpected—turn June 23, when the Secure and Fair Enforcement (SAFE) Banking Act was dealt yet another defeat as lawmakers removed it from the America COMPETES/USICA Act.
The legislation, which has passed the U.S. House six times since 2019, most recently cleared that chamber in February as part of an en bloc amendment package to the COMPETES (Creating Opportunities to Meaningfully Promote Excellence in Technology) Act, extensive legislation that involves a historic investment to surge production of American-made goods and tackle supply-chain vulnerabilities to increase global competitiveness.
As part of the reconciliation process between the House and Senate versions of the bill, House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer agreed to the GOP demand from House Minority Leader Kevin McCarthy and Senate Minority Leader Mitch McConnell to remove the SAFE Banking Act as an amendment to the COMPETES/USICA Act.
When will the SAFE Banking Act resurface?
While the answer is unclear, it almost certainly won’t be in the Senate, where the legislation has sat for three and a half years.
-Melissa Schiller, Senior Digital Editor | 
