SMACNA Boosts Hill Efforts for House Co-sponsors of SAFE Banking Legislation

SAFE Banking Act would allow banks, credit unions, and other financial institutions to offer banking services to construction contractors working on legal cannabis related projects without fear of sanction by Federal banking regulators.  

SMACNA has taken a prominent role in urging greater Republican co-sponsorship of HR 2891, The SAFE Banking Act of 2023, sponsored by Rep. Dave Joyce (R-OH-Cleveland). The bill, now with nearly 100 cosponsors, if enacted, would benefit contractors immensely in the almost $40 billion and growing legal cannabis construction and sales markets across the nation. It would allow contractors to access state and local banking systems used in medical and commercial cannabis market segments. The SAFE Act would also enable banks, credit unions, and other financial institutions to offer banking services to contractors and other legally operating businesses that provide contracting services without fear of punishment from banking regulators.  
The Senate Banking Committee recently approved a companion bill, the SAFER Banking Act (S. 2680). This bill is awaiting a floor vote by the United States Senate. In addition, the House approved similar legislation by a wide bipartisan margin on more than one occasion during the last Congress.  
In outlining SMACNA’s support for the SAFE Banking Act, Executive Director for Government and Political Affairs Stan Kolbe stated, “This banking reform would also reduce small business anxiety, contracting complications, and safety risks. The positive economic and contractor security benefits to the construction industry and local and state economies are substantial.” 
Take a moment to read SMACNA’s Statement of Support.