Marijuana 1-to-3 Act of 2023
Reintroduced in House & Senate (04/26/2023)
Senators Jeff Merkley (D) and Steve Daines (R), and Representatives Dave Joyce (R) and Earl Blumenauer (D) were the lead sponsors.[27][28] The Senate Banking Committee chair, Sherrod Brown, said the bill could get a hearing in the first half of May, 2023,[29] and the first Senate hearing was held on May 11.[30][31] The bill was scheduled for markup by the Senate Banking Committee in June.
SUMMARY OF THE SAFE BANKING ACT
This bill is designed to prohibit a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate cannabis-related business. Prohibited penalties include: 1. 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 2. prohibiting or otherwise discouraging a depository institution from offering financial services to such a business.
It also states that proceeds from a transaction involving activities of a legitimate cannabis-related business are not considered proceeds from unlawful activity..
In addition, under federal law a depository institution could not be held liable or subject to asset forfeiture for providing a loan or other financial services to a legitimate cannabis-related business.
The bill 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.)
