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This bill 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.)
Written by the nonpartisan Congressional Research Service, describing H.R. 1996 as passed House on Apr 19, 2021. It is not the text of the measure; a later amendment may have changed what it does.
House Apr 19, 2021
SAFE Banking Act
Passed · Two-thirds required
321 Yea 101 Nay 7 not voting
Crossed both parties 101 of 422 voting members broke with their own party: 101 Republicans.
DemocratsRepublicansFilled: YeaRing: NayGrey: not voting or present
429 members on this roll call, from the official House record. Party majorities need at least five voting members, so an independent never counts as breaking with a party.
Signing on is not a vote: a member can cosponsor H.R. 1996 and vote against it. 107 signed when it was filed.
Organizations that named H.R. 1996 in a lobbying disclosure. Only those that cited the bill by number appear, so this is a floor, not a full list.
570 disclosures name this measure. Retrieved from LDA.gov on 2026-10-04. Senate Office of Public Records cannot vouch for the data or analyses derived from these data after the data have been retrieved from LDA.gov.