US HB1996 | 2021-2022 | 117th Congress

Status

Spectrum: Moderate Partisan Bill (Democrat 155-26)
Status: Engrossed on April 20 2021 - 50% progression
Action: 2021-04-20 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Engrossed) [PDF]

Summary

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.)

Tracking Information

Register now for our free OneVote public service or GAITS Pro trial account and you can begin tracking this and other legislation, all driven by the real-time data of the LegiScan API. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. Use our new PolitiCorps to join with friends and collegaues to monitor & discuss bills through the process.

Monitor Legislation or view this same bill number from multiple sessions or take advantage of our national legislative search.

Title

SAFE Banking Act of 2021 Secure And Fair Enforcement Banking Act of 2021

Sponsors

Rep. Ed Perlmutter [D-CO]Rep. Nydia Velazquez [D-NY]Rep. Steve Stivers [R-OH]Rep. Warren Davidson [R-OH]
Rep. Earl Blumenauer [D-OR]Rep. Barbara Lee [D-CA]Rep. David Joyce [R-OH]Rep. Luis Correa [D-CA]
Rep. Carolyn Maloney [D-NY]Rep. Dan Meuser [R-PA]Rep. Sean Casten [D-IL]Rep. Suzanne Bonamici [D-OR]
Rep. Brenda Lawrence [D-MI]Rep. Al Lawson [D-FL]Rep. Jimmy Panetta [D-CA]Rep. Doris Matsui [D-CA]
Rep. Adriano Espaillat [D-NY]Rep. Matt Gaetz [R-FL]Rep. Charlie Crist [D-FL]Rep. Bonnie Coleman [D-NJ]
Rep. Bill Foster [D-IL]Rep. Juan Vargas [D-CA]Rep. Yvette Clarke [D-NY]Rep. Chrissy Houlahan [D-PA]
Rep. Derek Kilmer [D-WA]Rep. Haley Stevens [D-MI]Rep. Eleanor Norton [D-DC]Rep. Alcee Hastings [D-FL]
Rep. Elissa Slotkin [D-MI]Rep. Dina Titus [D-NV]Rep. Peter Welch [D-VT]Rep. Brad Sherman [D-CA]
Rep. Julia Brownley [D-CA]Rep. Salud Carbajal [D-CA]Rep. Jared Huffman [D-CA]Rep. Joseph Neguse [D-CO]
Rep. Marilyn Strickland [D-WA]Rep. Susan Wild [D-PA]Rep. Jesus Garcia [D-IL]Rep. Peter DeFazio [D-OR]
Rep. Dwight Evans [D-PA]Rep. Gwen Moore [D-WI]Rep. Katherine Clark [D-MA]Rep. Raul Grijalva [D-AZ]
Rep. Gregory Meeks [D-NY]Rep. Madeleine Dean [D-PA]Rep. Paul Tonko [D-NY]Rep. Don Young [R-AK]
Rep. Janice Schakowsky [D-IL]Rep. Ruben Gallego [D-AZ]Rep. Lisa Rochester [D-DE]Rep. Rashida Tlaib [D-MI]
Rep. Scott Peters [D-CA]Rep. Lori Trahan [D-MA]Rep. Debbie Dingell [D-MI]Rep. Kathleen Rice [D-NY]
Rep. Guy Reschenthaler [R-PA]Rep. David Scott [D-GA]Rep. Mike Thompson [D-CA]Rep. Diana DeGette [D-CO]
Rep. Mary Gay Scanlon [D-PA]Rep. Brian Higgins [D-NY]Rep. Jackie Speier [D-CA]Rep. Cindy Axne [D-IA]
Rep. Vicente Gonzalez [D-TX]Rep. Nancy Mace [R-SC]Rep. Betty McCollum [D-MN]Rep. Alan Lowenthal [D-CA]
Rep. James McGovern [D-MA]Rep. Ayanna Pressley [D-MA]Rep. John Garamendi [D-CA]Rep. Ted Lieu [D-CA]
Rep. Elaine Luria [D-VA]Rep. James Himes [D-CT]Rep. Jason Crow [D-CO]Rep. Andy Levin [D-MI]
Rep. Nikema Williams [D-GA]Rep. Rodney Davis [R-IL]Rep. Jake Auchincloss [D-MA]Rep. Garland Barr [R-KY]
Rep. Jahana Hayes [D-CT]Rep. Bob Gibbs [R-OH]Rep. Tom McClintock [R-CA]Rep. Mark DeSaulnier [D-CA]
Rep. Joe Courtney [D-CT]Rep. Ann Kuster [D-NH]Rep. Joseph Morelle [D-NY]Rep. Bill Pascrell [D-NJ]
Rep. Mondaire Jones [D-NY]Rep. Jennifer Wexton [D-VA]Rep. Don Beyer [D-VA]Rep. Raja Krishnamoorthi [D-IL]
Rep. David Cicilline [D-RI]Rep. Brendan Boyle [D-PA]Rep. Suzan DelBene [D-WA]Rep. Jamie Raskin [D-MD]
Rep. Mike Quigley [D-IL]Rep. Ed Case [D-HI]Rep. Daniel Kildee [D-MI]Rep. Ami Bera [D-CA]
Rep. Jenniffer Gonzalez-Colon [R-PR]Rep. Ann Kirkpatrick [D-AZ]Rep. Emanuel Cleaver [D-MO]Rep. Lois Frankel [D-FL]
Rep. Greg Stanton [D-AZ]Rep. Eric Swalwell [D-CA]Rep. Hakeem Jeffries [D-NY]Rep. John Yarmuth [D-KY]
Rep. Mark Amodei [R-NV]Rep. Kelly Armstrong [R-ND]Rep. Maxine Waters [D-CA]Rep. Veronica Escobar [D-TX]
Rep. Mark Takano [D-CA]Rep. Matthew Cartwright [D-PA]Rep. Angela Craig [D-MN]Rep. Stephanie Murphy [D-FL]
Rep. Steven Horsford [D-NV]Rep. Anthony Gonzalez [R-OH]Rep. Tom Malinowski [D-NJ]Rep. Theodore Deutch [D-FL]
Rep. Conor Lamb [D-PA]Rep. Adam Smith [D-WA]Rep. Pramila Jayapal [D-WA]Rep. Troy Balderson [R-OH]
Rep. Dan Newhouse [R-WA]Rep. Fred Upton [R-MI]Rep. Kurt Schrader [D-OR]Rep. Adam Schiff [D-CA]
Rep. Robin Kelly [D-IL]Rep. Henry Johnson [D-GA]Rep. Nanette Barragan [D-CA]Rep. Ritchie Torres [D-NY]
Rep. Tim Ryan [D-OH]Rep. Anthony Brown [D-MD]Rep. Linda Sanchez [D-CA]Rep. Albio Sires [D-NJ]
Rep. Michael San Nicolas [D-GU]Rep. Jim Cooper [D-TN]Rep. Don Bacon [R-NE]Rep. Kaialii Kahele [D-HI]
Rep. Judy Chu [D-CA]Rep. Christopher Pappas [D-NH]Rep. Mark Pocan [D-WI]Rep. Gerald Connolly [D-VA]
Rep. Kathy Castor [D-FL]Rep. Rosa DeLauro [D-CT]Rep. Jerry McNerney [D-CA]Rep. Pete Aguilar [D-CA]
Rep. John Larson [D-CT]Rep. Tom Emmer [R-MN]Rep. Peter Meijer [R-MI]Rep. Alma Adams [D-NC]
Rep. Marie Newman [D-IL]Rep. Cheri Bustos [D-IL]Rep. Anna Eshoo [D-CA]Rep. William Timmons [R-SC]
Rep. Danny Davis [D-IL]Rep. Katie Porter [D-CA]Rep. Antonio Delgado [D-NY]Rep. Suzanne Lee [D-NV]
Rep. Jim Costa [D-CA]Rep. Lucille Roybal-Allard [D-CA]Rep. David Trone [D-MD]Rep. Rick Larsen [D-WA]
Rep. Teresa Fernandez [D-NM]Rep. Al Green [D-TX]Rep. Chellie Pingree [D-ME]Rep. Jamaal Bowman [D-NY]
Rep. Cori Bush [D-MO]Rep. James Comer [R-KY]Rep. Jimmy Gomez [D-CA]Rep. Zoe Lofgren [D-CA]
Rep. Deborah Ross [D-NC]Rep. Joaquin Castro [D-TX]Rep. Norma Torres [D-CA]Rep. Bobby Rush [D-IL]
Rep. Grace Meng [D-NY]Rep. Stephanie Bice [R-OK]Rep. Frank Mrvan [D-IN]Rep. Mariannette Miller-Meeks [R-IA]
Rep. Sharice Davids [D-KS]

Roll Calls

2021-04-19 - House - On motion to suspend the rules and pass the bill, as amended (Y: 321 N: 101 NV: 0 Abs: 7) [PASS]

History

DateChamberAction
2021-04-20SenateReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2021-04-19HouseMotion to reconsider laid on the table Agreed to without objection.
2021-04-19HouseOn 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)
2021-04-19HouseConsidered as unfinished business. (consideration: CR H1942-1943)
2021-04-19HouseAt 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.
2021-04-19HouseDEBATE - The House proceeded with forty minutes of debate on H.R. 1996.
2021-04-19HouseConsidered under suspension of the rules. (consideration: CR H1915-1924)
2021-04-19HouseMr. Perlmutter moved to suspend the rules and pass the bill, as amended.
2021-03-18HouseReferred 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.
2021-03-18HouseReferred 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.
2021-03-18HouseIntroduced in House

Same As/Similar To

SB910 (Related) 2021-03-23 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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
Finance and financial sector
Financial services and investments
Fraud offenses and financial crimes
Government information and archives
Government liability
Government studies and investigations
Insurance industry and regulation
Iran
Judicial procedure and administration
Licensing and registrations
Middle East
Minority and disadvantaged businesses
National Credit Union Administration
North Korea
Organized crime
Syria
Terrorism
Women in business

US Congress State Sources


Bill Comments

feedback