The SAFE Banking Act of 2026 is S. 4942 in the Senate and H.R. 9471 in the House. The Senate version was introduced June 24, 2026; the House version followed on June 25. These are proposed bills. A vote on a similarly named measure in a previous Congress did not make these protections law. Senator Jeff Merkley's announcement emphasizes safer financial services for state-legal businesses, including after the recent medical scheduling change. [1][2][3]
The Senate text would create a federal safe harbor for depository institutions serving state-sanctioned marijuana businesses and related service providers. It also addresses insurance, suspicious-activity reporting, certain mortgage-income treatment, and diversity reporting. The limits matter: Section 15 expressly does not require a bank, insurer, or other covered provider to offer services. It preserves general regulatory oversight and enforcement against other unlawful activity. Banking reform would not itself legalize adult-use cannabis nationwide or expunge a conviction. [1]
Our position.
Banking reform should be assessed by fees, account availability, and treatment of small operators. It should accompany record relief and access to the licensed market. Lawmakers should state their position on the current bill and the next committee step.
Questions and next steps.
Will your lawmakers advance S. 4942 or H.R. 9471, and how will they evaluate whether small businesses actually gain affordable financial access?
Find your lawmakersThis is a dated policy explainer for public discussion. Laws, court orders and implementation dates can change. Check the official sources before relying on a legal detail. How we report and classify policy.