On September 6, 2023, McCollum co-sponsored the SAFER Banking Act (Secure and Fair Enforcement Regulation), which seeks to address critical banking issues related to the legal cannabis industry. As the cannabis industry has expanded across the United States, businesses operating in states where cannabis is legal have faced significant challenges due to federal restrictions on banking. Because cannabis remains illegal under federal law, banks and financial institutions have been hesitant to work with businesses in the cannabis sector, fearing legal repercussions.
The SAFER Banking Act aims to provide these businesses with access to standard banking services, which would not only enhance safety and transparency but also allow cannabis businesses to function more effectively. By enabling legal cannabis businesses to use financial services, the Act also seeks to reduce the risks associated with cash-only operations, such as robbery, fraud, and tax evasion.
McCollum’s support for this legislation reflects her commitment to ensuring fairness and safety in business practices, as well as her broader support for legal cannabis reform. As more states move toward legalizing cannabis, the need for a stable financial infrastructure has become critical, and the SAFER Banking Act is a significant step in addressing this gap.
Betty McCollum’s political career is marked by her unwavering commitment to progressive values and legislative reforms that prioritize environmental protection, Indigenous rights, and social justice. Her co-sponsorship of the SAFER Banking Act aligns with her long-standing efforts to promote fair and equitable policies across various sectors. With over two decades of experience in Congress, McCollum continues to shape meaningful legislation that impacts not only her Minnesota constituents but also the nation at large.
As the cannabis industry continues to grow, the SAFER Banking Act represents an essential step toward normalizing banking practices for legal businesses, and Rep. McCollum’s involvement underscores her dedication to fostering a more equitable and transparent economic landscape.
