NAR t Letter to Senators Brown and Scott Regarding SAFE Banking Act Hearing

Issue Date: May 11, 2023

US S 1323 - SAFE Banking Act of 2023

On May 11 NAR sent a letter to Chairman Brown, Ranking Member Scott, and the full Senate Committee on Banking, Housing, and Urban Affairs.
The letter thanks the Senators for holding the hearing, “Examining Cannabis Banking Challenges of Small Businesses and Workers.” NAR is a strong supporter of S.1323, the Secure and Fair Enforcement (SAFE) Banking Act, a bipartisan bill that provides a clear framework for cannabis businesses and those who provide services to them to access financial services. As more states legalize cannabis use, its economic impact increases, with more than $10 billion in sales and $1 billion in state tax revenue already recorded. However, the barriers keeping these state-legal businesses from accessing federally-insured banks can impede their ability to grow while raising safety issues in their communities.